Belief-free equilibria in games with incomplete information: the N -player case

We characterize belief-free equilibria in infinitely repeated games with incomplete information with an arbitrary number of players and arbitrary information structures. This generalizes Hörner and Lovo (2008), which restrict attention to the two-player case and to information structures that have a product structure. Our characterization requires introducing a new type of individual rational constraint that links the lowest possible equilibrium payoffs across players. As in the twoplayer case, our characterization is tight: we define a set of payoffs that contains all the belief-free equilibrium payoffs; conversely, any point in the interior of this set is a belief-free equilibrium payoff vector when players are sufficiently patient.