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The grim trigger strategy is a type of trigger strategy where a player cooperates until the other player defects, after which they defect forever. It serves as a strong deterrent against defection in infinitely repeated games.

A Nash Equilibrium in repeated games is a set of strategies for which no player can benefit from unilaterally changing their strategy. Understanding how Nash equilibria work in repeated games helps in predicting outcomes and forging long-term strategies.

The strategies for infinitely repeated games can differ greatly from finitely repeated games. In infinite games, cooperative outcomes are more feasible due to the shadow of the future, while in finite games the endgame effect can undermine cooperation as the end approaches.

A subgame perfect equilibrium ensures that the strategy constitutes a Nash equilibrium in every subgame of the original game. By considering repeated games as a sequence of subgames, this equilibrium concept encourages forward-looking strategies.

Repeated games are fundamental in game theory, where players interact by playing a similar stage game (the base game) multiple times. Understanding repeated games is crucial for analyzing strategies that unfold over time and the potential for cooperation.

The discount factor, denoted by $\delta$, represents the value today of future payoffs and determines how much players value future gains. A higher discount factor can support cooperation in repeated games, as future payoffs have greater importance.

A trigger strategy is one where a player cooperates until the other defects, and then the player defects forever. In repeated games, trigger strategies can support cooperation by punishing non-cooperation.

The folk theorem suggests that if players are sufficiently patient (high discount factor), any payoff above the minimax level can be sustained as an equilibrium in an infinitely repeated game. This shows the possibility of a wide range of cooperative outcomes.

The minimax strategy in game theory is the strategy that minimizes the maximum loss possible. In repeated games, the threat of falling back to minimax payoffs can prevent players from deviating from cooperative strategies.