Given that each player has 10 different information sets, each strategy is a 10-tuple (it tells the player what to do at each info node). For the first info set, the possible actions in an equilibrium are C, B, W. For the rest of the info sets, which occur in the last period, the only possible actions in an equilibrium are B and W since the only two Pure strategy NE are (B,B) and (W,W). This characterises the strategy space. The pareto optimal SPE is the following: p i = C in t = 1 for all i 1 2in 2 only if ( , ) ( , ) in 1 W otherwise i B t i p p C C t p i = = = = Check for profitable deviations: 4 2 5 0. or 1/ 2 + + Other SPE: pi = W for all i in t=1,2 pi = B for all i in t=1,2