I wrote a what I believe to be simpler explanation of this post here. Things I tried to do differently:
More clearly explaining what Nash equilibrium means for infinitely repeated games—it’s a little subtle, and if you go into it just with intuition, it’s not clear why the “everyone puts 99” situation can be a Nash equilibrium
Noting that just because something is a Nash equilibrium doesn’t mean it’s what the game is going to converge to
Less emphasis on minimax stuff (it’s just boilerplate, not really the main point of folk theorems)
I wrote a what I believe to be simpler explanation of this post here. Things I tried to do differently:
More clearly explaining what Nash equilibrium means for infinitely repeated games—it’s a little subtle, and if you go into it just with intuition, it’s not clear why the “everyone puts 99” situation can be a Nash equilibrium
Noting that just because something is a Nash equilibrium doesn’t mean it’s what the game is going to converge to
Less emphasis on minimax stuff (it’s just boilerplate, not really the main point of folk theorems)