Theoretical Economics 11 (2016), 411–453

We prove a folk theorem for multiplayer games in continuous time when players observe a public signal distorted by Brownian noise. The proof is based on a rigorous foundation for such continuous-time multiplayer games. We study in detail the relation between behaviour and mixed strategies, and the role of public randomization to move continuously across games within the same model.

Keywords: Folk theorem, repeated games, continuous time, imperfect observability

JEL classification: C73