We introduce a class of strategies that generalizes examples constructed in two-player games under imperfect private monitoring. A sequential equilibrium is belief-free if, after every private history, each player's continuation strategy is optimal independently of his belief about his...

We prove the folk theorem for discounted repeated games under private, almost-perfect monitoring. Our result covers all finite, n-player games that satisfy the usual full-dimensionality condition. Mixed strategies are allowed in determining the individually rational payoffs. We assume no...

The difficulties in properly anticipating key economic variables may encourage decision makers to rely on experts' forecasts. Professional forecasters, however, may not be reliable and so their forecasts must be empirically tested. This may induce experts to forecast strategically in order to...

There are typically multiple equilibrium outcomes in the Crawford-Sobel (CS) model of strategic information transmission. This paper identifies a simple condition on equilibrium payoffs, called NITS (no incentive to separate), that selects among CS equilibria. Under a commonly used regularity...