Repeated Games and the Emergence of Cooperation

Distinguish between finitely and infinitely repeated games.

Define the discount factor and interpret its role in modeling player patience.

Analyze the conditions for sustaining cooperation in an infinitely repeated Prisoner's Dilemma using a grim trigger strategy.

Analyze the tit-for-tat strategy to determine when it can sustain cooperation.

Define and plot the set of feasible and individually rational payoffs for a stage game.

State the Folk Theorem for repeated games and interpret its implications for cooperation.