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...

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 to all...