We show that a parallel repetition of any two-prover one-round proof system (MIP(2, 1)) decreases the probability of error at an exponential rate. No constructive bound was previously known. The constant in the exponent (in our analysis) depends only on the original probability of error and on the total number of possible answers of the two provers. The dependency on the total number of possible answers is logarithmic, which was recently proved to be almost the best possible [U. Feige and O. Verbitsky, Proc. 11th Annual IEEE Conference on Computational Complexity, IEEE Computer Society Press, Los Alamitos, CA, 1996, pp. 70–76]. Key words. interactive proofs, parallel repetition, direct product AMS subject classifications. 68Q25, 68R99 PII. S0097539795280895