### Abstract

We prove a Folk Theorem for asynchronously repeated games in which the set of players who can move in period t, denoted by I
_{1}, is a random variable whose distribution is a function of the past action choices of the players and the past realizations of I
_{τ}'s, τ = 1,2,...,t - 1. We impose a condition, the finite periods of inaction (FPI) condition, which requires that the number of periods in which every player has at least one opportunity to move is bounded. Given the FPI condition together with the standard nonequivalent utilities (NEU) condition, we show that every feasible and strictly individually rational payoff vector can be supported as a subgame perfect equilibrium outcome of an asynchronously repeated game.

Original language | English |
---|---|

Pages (from-to) | 191-200 |

Number of pages | 10 |

Journal | Econometrica |

Volume | 69 |

Issue number | 1 |

Publication status | Published - 2001 Jan 1 |

Externally published | Yes |

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### Keywords

- Asynchronously repeated games
- Folk Theorem

### ASJC Scopus subject areas

- Economics and Econometrics
- Mathematics (miscellaneous)
- Statistics and Probability
- Social Sciences (miscellaneous)

### Cite this

**A folk theorem for asynchronously repeated games.** / Yoon, Kiho.

Research output: Contribution to journal › Article

*Econometrica*, vol. 69, no. 1, pp. 191-200.

}

TY - JOUR

T1 - A folk theorem for asynchronously repeated games

AU - Yoon, Kiho

PY - 2001/1/1

Y1 - 2001/1/1

N2 - We prove a Folk Theorem for asynchronously repeated games in which the set of players who can move in period t, denoted by I 1, is a random variable whose distribution is a function of the past action choices of the players and the past realizations of I τ's, τ = 1,2,...,t - 1. We impose a condition, the finite periods of inaction (FPI) condition, which requires that the number of periods in which every player has at least one opportunity to move is bounded. Given the FPI condition together with the standard nonequivalent utilities (NEU) condition, we show that every feasible and strictly individually rational payoff vector can be supported as a subgame perfect equilibrium outcome of an asynchronously repeated game.

AB - We prove a Folk Theorem for asynchronously repeated games in which the set of players who can move in period t, denoted by I 1, is a random variable whose distribution is a function of the past action choices of the players and the past realizations of I τ's, τ = 1,2,...,t - 1. We impose a condition, the finite periods of inaction (FPI) condition, which requires that the number of periods in which every player has at least one opportunity to move is bounded. Given the FPI condition together with the standard nonequivalent utilities (NEU) condition, we show that every feasible and strictly individually rational payoff vector can be supported as a subgame perfect equilibrium outcome of an asynchronously repeated game.

KW - Asynchronously repeated games

KW - Folk Theorem

UR - http://www.scopus.com/inward/record.url?scp=0001072176&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0001072176&partnerID=8YFLogxK

M3 - Article

AN - SCOPUS:0001072176

VL - 69

SP - 191

EP - 200

JO - Econometrica

JF - Econometrica

SN - 0012-9682

IS - 1

ER -