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Weakly Belief-Free Equilibria in Repeated Games With Private Monitoring
Michihiro Kandori
Abstract
Repeated games with imperfect private monitoring have a wide range of applications, but a complete characterization of all equilibria in this class of games has yet to be obtained. The existing literature has identified a relatively tractable subset of equilibria. The present paper introduces the notion of weakly belief-free equilibria for repeated games with imperfect private monitoring. This is a tractable class which subsumes, as a special case, a major part of the existing literature (the belief-free equilibria). It is shown that this class can outperform the equilibria identified by the previous work.
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