Some Remarks on the Folk Theorem in Game Theory
It is argued that although the pathological multiplicity of Nash equilibria of super games stated by the folk theorem can be removed by introducing limited observations into super games with a continuum of players, the consideration of super games in terms of the Nash equilibrium concept involves a more fundamental and conceptual diﬀiculty.
Kaneko, Mamoru, "Some Remarks on the Folk Theorem in Game Theory" (1981). Cowles Foundation Discussion Papers. 843.