Abstract
The framework of infinitely repeated games is extended by incorporating the possibility that the game is strategically terminated by players. We assume that, at the beginning of each period, players must explicitly reach an agreement to make their interactions continue or end, and if the game ends, players receive predetermined payoffs.
We examine various voting rules on game termination, and show that the appropriately modified folk theorem holds unless the ending rule is unanimous.
We also derive sufficient conditions for the folk theorem under the unanimity rule.