Theoretical Economics 15 (2020), 1175–1219

We study repeated games in which players learn the unknown state of the world by observing a sequence of noisy private signals. We find that for generic signal distributions, the folk theorem obtains using ex-post equilibria. In our equilibria, players commonly learn the state, that is, the state becomes asymptotic common knowledge.

Keywords: Repeated game, private monitoring, incomplete information, ex-post equilibrium, individual learning

JEL classification: C72, C73