A canonical interpretation of an infinitely repeated game is that of a “dynastic” repeated game: a stage game repeatedly played by successive generations of finitely-lived players with dynastic preferences. These two models are in fact equivalent when the past history of play is observable...

This paper examines the issue of multiplicity of equilibria in alternating move repeated games with two players. Such games are canonical models of environments with repeated, asynchronous choices due to inertia or replacement. We focus our attention on Markov Perfect equilibria (MPE). These are...

This paper examines Markov Perfect equilibria of general, finite state stochastic games. Our main result is that the number of such equilibria is finite for a set of stochastic game payoffs with full Lebesgue measure. We further discuss extensions to lower dimensional stochastic games like the...

The standard model of repeated games assumes perfect synchronization in the timing of decisions between the players. In many natural settings, however, choices are made synchronously so that only one player can move at a given time. This paper studies a family of repeated settings in which...

Exploiting small uncertainties on the part of opponents, players in long, finitely repeated games can maintain false reputations that lead to a large variety of equilibrium outcomes. Even cooperation in a finitely repeated prisoners' dilemma is obtainable. Can such false reputations be...

We ask whether communication can directly substitute for memory in dynastic repeated games in which short lived individuals care about the utility of their offspring who replace them in an infinitely repeated game. Each individual is unable to observe what happens before his entry in the game....

In a repeated game with private information, a perfect public equilibrium (PPE) can break down if communication is not necessarily simultaneous or if players can “spy” on each others’ information. An ex post perfect public equilibrium (EPPPE) is a PPE that is ex post incentive compatible...

This paper studies the role of memory and communication in games between ongoing organizations. In each organization, each individual, upon entry into the game, replaces his predecessor who has the same preferences and faces the same strategic possibilities. Entry across distinct organizations...

The paper analyzes the Nash equilibria of two-person discounted repeated games with one-sided incomplete information and known own payoffs. If the informed player is arbitrarily patient relative to the uninformed player, then the characterization for the informed player's payoffs is essentially...