We consider repeated games with private monitoring that are 'close' to repeated games with public/perfect monitoring. A private monitoring information structure is close to a public monitoring information structure when private signals can generate approximately the same distribution of the...

It is well-known that the ability of the Vickrey-Clarke-Groves (VCG) mechanism to implement efficient outcomes for private value choice problems does not extend to interdependent value problems. When an agent's type affects other agents' utilities, it may not be incentive compatible for him to...