Awaya, Yu; Krishna, Vijay - In: Theoretical Economics 14 (2019) 2, pp. 513-553
We study the role of communication in repeated games with private monitoring. We first show that without communication, the set of Nash equilibrium payoffs in such games is a subset of the set ofε‐coarse correlated equilibrium payoffs (ε‐CCE) of the underlying one‐shot game. The value...