We investigate two-player infinitely repeated games where the discount factor is less than but close to unity. Monitoring is private and players cannot communicate. We require no condition concerning the accuracy of players' monitoring technology. We show the folk theorem for the prisoners'...

The authors examine discounted repeated games where players privately observe different signals. A leading example is secret price cutting; a firm cannot directly observe rival firms' price cutting but its own sales can imperfectly indicate what is going on. The characterization of equilibria in...

The authors investigate the implementation of social choice functions that map to lotteries over alternatives. They require virtual implementation in iteratively undominated strategies. Under very weak domain restrictions, they show that if there are three or more players, any social choice...

This paper investigates unique implementation in large economies with incomplete information and interdependent values; we degenerate the common knowledge assumptions and assume that a central planner is unaware of the specifications of an environment. With a minor restriction on the class of...

This paper demonstrates new practical auction formats that are well tailored for the forthcoming 3.4 ~ 3.6 GHz spectrum allocation problem, which will be expected to become the first experience of spectrum auction in the Japanese society. The general term of these formats is the Japanese package...