Consider a repeated interaction where it is unknown which of various stage games will be played each period. This framework separates the basic logic of intertemporal incentives from the requirement that any given strategy profile yields a well‐defined payoff vector. A natural solution concept is ex post perfect equilibrium: strategies must form a subgame‐perfect equilibrium for any realization of the sequence of stage games. When there is one long‐run player and others are short‐run, and public