The Folk Theorem with Perfect Monitoring
The Folk Theorem with Perfect Monitoring
This chapter presents and proves the folk theorem for games of perfect monitoring. The chapter first proves the folk theorem for two players with public correlation and pure-action individual rationality. This is then generalized to arbitrary numbers of players, via both a dimensionality assumption on feasible payoffs and the idea of non-equivalent utilities, then to games without public correlation and finally to mixed-action individually rational payoffs.
Keywords: folk theorem, individually rational payoffs, minmax payoffs, nonequivalent utilities, perfect monitoring, public correlation
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