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• W2099803346 abstract "We study the extent to which equilibrium payoffs of discounted repeated games can be obtained by 1-memory strategies. We establish the following in games with perfect (rich) action spaces: First, when the players are sufficiently patient, the subgame perfect Folk Theorem holds with 1-memory. Second, for arbitrary level of discounting, all strictly enforceable subgame perfect equilibrium payoffs can be approximately supported with 1-memory if the number of players exceeds two. Furthermore, in this case all subgame perfect equilibrium payoffs can be approximately supported by an ε-equilibrium with 1-memory. In two-player games, the same set of results hold if an additional restriction is assumed: Players must have common punishments. Finally, to illustrate the role of our assumptions, we present robust examples of games in which there is a subgame perfect equilibrium payoff profile that cannot be obtained with 1-memory. Thus, our results are the best that can be hoped for." @default.
• W2099803346 created "2016-06-24" @default.
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• W2099803346 date "2009-01-01" @default.
• W2099803346 modified "2023-10-16" @default.
• W2099803346 title "Repeated games with one-memory" @default.
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• W2099803346 doi "https://doi.org/10.1016/j.jet.2008.04.003" @default.
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