In repeated games, subgame perfection requires all continuation strategy profiles must be effective to enforce the equilibrium; they serve as punishments should deviations occur. It does not require whether a punishment can be justified for the deviation, which creates a great deal of freedom in...

This paper studies a class of dynamic games, called repeated games with asynchronous moves, where not all players may revise their actions in every period. With state-dependent backwards induction, we introduce the concept of effective minimax in repeated games with asynchronous moves. A...

In repeated games, equilibrium often requires that any deviation be punished in the continuation, regardless of whether it is beneficial to the other players. It seems against the nature of non-cooperative game theory for the other players to decide what to do based on what one player did,...