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), and it is shown that this class can
outperform the equilibria identified by the previous work.
|