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==Short Lived Agents==
The folk theorem implicitly requires that agents are long lived - the need a memory of whether anyone ever defected in the past to choose their strategy. Kreps's innovation was to create a long lived entity that is seperate from the identity of the individual players. Essentially the seller can buy a name for a price p, and if he does not abuse the name he can then, at the end of the period sell the name for the same price.
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