Delayed Perfect Monitoring in Repeated Games

Resumen

Delayed perfect monitoring in an infinitely repeated discounted game is studied. A player perfectly observes any other player�s action choice with a fixed, but finite delay. The observational delays between different pairs of players are heterogeneous and asymmetric. The Folk Theorem extends to this setup, although for a range of discount factors strictly below 1, the set of belief-free equilibria is reduced under certain conditions. This model applies to any situation in which there is a heterogeneous delay between information generation and the players� reaction to it.