On the Impossibility of an Exact Imperfect Monitoring Folk Theorem
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2007-06-29
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Araújo, Aloísio Pessoa de
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It is shown that, for almost every two-player game with imperfect monitoring, the conclusions of the classical folk theorem are false. So, even though these games admit a well-known approximate folk theorem, an exact folk theorem may only be obtained for a measure zero set of games. A complete characterization of the efficient equilibria of almost every such game is also given, along with an inefficiency result on the imperfect monitoring prisoner s dilemma.