 Furthermore, as the folk theorem implies, although it’s certainly possible that all of the members of a community could follow a strategy like \(h^{*}\) in a situation like the Foole finds herself in, there are likely to be many other equilibria as well. Moreover, some of these equilibria may be hard to distinguish from one another, especially if agents like the Foole are sufficiently rare, and in some of these equilibria it may be in the Foole’s interest to offensively violate covenants. The effectiveness of the social sanctions strategy, then, is plainly dependent upon the ability of community members to build and maintain reliable reputations, and to rely on this information in their interactions with one another.