We characterize the minmax values of a class of repeated games with imperfect monitoring. Our result relies on the optimal trade-off for the team formed by punishing players between optimization of stage-payoffs and generation of signals for future correlation. Amounts of correlation are...

In this study, an alternative estimation strategy is suggested, which requires the solution of a dynamic programming problem, expressed in term of conditional choice value functions. The problem of defining the Euler equation for the corner solution case is overcome by introducing an additional...