"In many real-world situations, cooperation may be easier to sustain in a long-term relationship than in a single encounter. Analyses of short-run games are, thus, often too restrictive. Robert Aumann was the first to conduct a full-fledged formal analysis of so-called infinitely repeated games. His research identified exactly what outcomes can be upheld over time in long-run relations."

“The theory of repeated games is able to account for phenomena such as altruism, cooperation, trust, loyalty, revenge, threats – phenomena that may at first seem irrational – in terms of the “selfish” utility-maximizing paradigm of game theory and neoclassical economics.”

“List of publications”

“It turns out that the Romans were champs in making peace. Their motto was that if you want to make peace, you need to prepare for war. They knew game theory.”

“Capitulation, sycophancy, and cowardice will only undermine us... Sometimes, you have to courageously follow your own path and not try to curry favor with anyone.”

“The players in a game are said to be in strategic equilibrium when their play is mutually optimal: when the actions and plans of each player are rational in the given strategic environment – i.e., when each knows the actions and plans of the others.”

“Repetition acts as an enforcement mechanism: It makes cooperation achievable when it is not achievable in the one-shot game, even when one replaces strategic equilibrium as the criterion for achievability by the more stringent requirement of perfect equilibrium.”