I study a repeated game in which a patient player wants to win the trust of some myopic opponents but can strictly benefit from betraying them. His benefit from betrayal is strictly positive and is his persistent private information. I characterize every type of patient player's highest...

I study reputation models in which information about the long-run player's past behavior is dispersed among short-run players. I identify two challenges to reputation building when such information is aggregated via the short-run players' actions. First, when the long-run player's action can...