Secret messages in dynastic games unlock unlimited strategic possibilities for players
The article explores dynastic repeated games where players have preferences like those in standard repeated games. Players pass messages to create social memory. With patient players, all possible payoffs can be sustained in equilibria with private communication. This applies to games with at least four players and a non-empty payoff set. The study also identifies conditions where equilibria in dynastic games can lead to different outcomes than in standard repeated games, based on inter-generational agreement.