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2001•RePEc: Research Papers in EconomicsOpen access

Randomization, Communication and Efficiency in Repeated Games with Imperfect Public Monitoring

Michihiro Kandori

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Abstract

The present paper shows that the Folk Theorem under imperfect (public) information (Fudenberg, Levine and Maskin (1994)) can be obtained under much weaker set of assumptions, if we allow communication among players. Our results in particular show that for generic symmetric games with at least four players, we can drop the FLM condition on the number of actions and signals altogether and prove the folk theorem under the same condition as in the perfect monitoring case.

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The present paper shows that the Folk Theorem under imperfect (public) information (Fudenberg, Levine and Maskin (1994)) can be obtained under much weaker set of assumptions, if we allow communication among players. Our results in particular show that for generic symmetric games with at least four players, we can drop the FLM condition on the number of actions and signals altogether and prove the folk theorem under the same condition as in the perfect monitoring case.

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Available abstract

The present paper shows that the Folk Theorem under imperfect (public) information (Fudenberg, Levine and Maskin (1994)) can be obtained under much weaker set of assumptions, if we allow communication among players. Our results in particular show that for generic symmetric games with at least four players, we can drop the FLM condition on the number of actions and signals altogether and prove the folk theorem under the same condition as in the perfect monitoring case.

Key concepts: Folk theorem, Imperfect, Repeated game, Mathematical economics, Set (abstract data type), Perfect information, Mathematics, Discrete mathematics

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