We study symmetric play in a class of repeated games when players are patient. We show that, while the use of symmetric strategy profiles essentially does not restrict the set of feasible payoffs, the set of equilibrium payoffs is an interesting proper subset of the feasible and individually...

We study symmetric play in a class of repeated games when players are patient. We show that, while the use of symmetric strategy profiles essentially does not restrict the set of feasible payoffs, the set of equilibrium payoffs is an interesting proper subset of the feasible and individually...

We design and implement lab experiments, as close as possible to the Ellsberg two-color urn experiment, to evaluate the positive and normative appeal of behavior arising from models of ambiguity-averse preferences. We report three main empirical findings: First, these preference models do not...