This paper studies the set of equilibrium payoffs in repeated games with long- and short-run players and little discounting. Because the short-run players are unconcerned about the future, each equilibrium outcome is constrained to lie on their static reaction (best-response) curves. The natural...

The authors study repeated games in which players observe a public outcome that imperfectly signals the actions played. They provide conditions guaranteeing that any feasible, individually rational payoff vector of the stage game can arise as a perfect equilibrium of the repeated game with...