We find that contrary to common perception, cooperation as equilibrium of the infinitely repeated discounted prisoner …-discount factor parameter space cooperation equilibria are strictly risk dominated by non-cooperation (according to the Harsanyi …-Selten 1988 criterion). Examples include collusion equilibria in the repeated Cournot duopoly. …

intertemporal substitution facilitates co-operation by decreasing their evaluation of short-run gains from deviations and increasing … that of losses from punishments. Goods' markets and money may hinder co-operation by allowing players to reallocate short … markets always make co-operation harder. Financial markets' imperfections facilitate co-operation by opposing this effect. …

of a Prisoner's Dilemma game. When time preferences are heterogeneous and bounded away from one, how "much" cooperation … can be achieved by an ongoing group? How does group cooperation vary with the group's size and structure? For an arbitrary … distribution of discount factors, we characterize the maximal average co-operation (MAC) likelihood of this game. The MAC …

In this paper we take up a model of Okada (1996) to describe the possibility of collective cooperation in a n …

Case studies of cartels and recent theory suggest that repeated communication is key for stable cooperation in … understood. We study cooperation under different monitoring and communication structures in the laboratory. Under all monitoring … monitoring, where actions can only be observed with noise, cooperation is stable only when subjects can communicate before every …

in the direction of more and in the direction of less cooperation. While the central theorems show that such paths out of …