  I study repeated games with anonymous random matching where players
endogenously decide whether to disclose signals about their past actions. I
establish an-anti folk theorem, that when players are sufficiently long-lived,
they will almost always play their dominant actions and will almost never
cooperate. When players' expected lifespans are intermediate, they can sustain
some cooperation if their actions are substitutes but cannot sustain any
cooperation if their actions are complements. Therefore, the maximal level of
cooperation a community can sustain is not monotone with respect to its
members' expected lifespans and the complementarity of players' actions can
undermine their abilities to sustain cooperation.
