Savage (1954) provided a set of axioms on preferences over acts that were equivalent to the existence of an expected utility representation. We show that in addition to this representation, there is a continuum of other "expected utility" representations in which for any act, the probability...

We consider repeated games with private monitoring that are 'close' to repeated games with public/perfect monitoring. A private monitoring information structure is close to a public monitoring information structure when private signals can generate approximately the same distribution of the...

Social norms are often posited as an explanation of differences in the economic behavior and performance of societies that are difficult to explain by differences in endowments and technology. The successful integration of social norms into economic models requires an understanding of the basis...

Savage (1954) provided axioms on preferences over acts that were equivalent to the existence of an expected utility representation. We show that there is a continuum of other expected utility" representations in which for any act, the probability distribution over states depends on the...