  We study a class of two-player repeated games with incomplete information and
informational externalities. In these games, two states are chosen at the
outset, and players get private information on the pair, before engaging in
repeated play. The payoff of each player only depends on his `own' state and on
his own action. We study to what extent, and how, information can be exchanged
in equilibrium. We prove that provided the private information of each player
is valuable for the other player, the set of sequential equilibrium payoffs
converges to the set of feasible and individually rational payoffs as players
become patient.
