We study a two-player one-arm bandit problem in discrete time, in which the risky arm can have two possible types, high and low, the decision to stop experimenting is irreversible, and players observe each other's actions but not each other's payoffs. We prove that all equilibria are in cutoff...

This paper provides a folk theorem for two-player repeated games in which players have different discount factors. In such games, players can mutually benefit from trading payoffs across time. Hence, the set of feasible repeated game payoffs is typically larger than the convex hull of the...

Subjective utility maximizers, in an infinitely repeated game, will learn to predict opponents' future strategies and will converge to play according to a Nash equilibrium of the repeated game. Players' initial uncertainty is placed directly on opponents' strategies and the above result is...