Repeated Games in Economics

This paper begins with a short foundational description of the basics\ud of game theory, focusing on the conditions for Nash equilibria. It then\ud delves into the structure and properties of repeated games, including the generalization of the idea of Nash equilibrium and subgame perfect equilibria. In the context of finite repeated games, the paper looks at the\ud one-deviation property and its consequences. For infinite repeated games,\ud the paper gives some in-depth examples of subgame perfect equilibria and their relation to the discount factor. Finally, the paper concludes by giving\ud a detailed proof and explanation of the Folk Theorem