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Selecting Cheap-Talk Equilibria

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Author Info
Ying Chen
Navin Kartik
Joel Sobel

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Abstract

There are typically multiple equilibrium outcomes in the Crawford-Sobel (CS) model of strategic information transmission. This paper identifies a simple condition on equilibrium payoffs, called NITS (no incentive to separate), that selects among CS equilibria. Under a commonly used regularity condition, only the equilibrium with the maximal number of induced actions satisfies NITS. We discuss various justifications for NITS, including perturbed cheap-talk games with nonstrategic players or costly lying. We also apply NITS to other models of cheap talk, illustrating its potential beyond the CS framework. Copyright The Econometric Society 2008.

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File URL: http://hdl.handle.net/10.1111/j.1468-0262.2008.00819.x
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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 76 (2008)
Issue (Month): 1 (01)
Pages: 117-136
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Handle: RePEc:ecm:emetrp:v:76:y:2008:i:1:p:117-136

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  1. Jung, Hanjoon Michael, 2008. "Paradox of Credibility," MPRA Paper 7443, University Library of Munich, Germany. [Downloadable!]
  2. Maria Goltsman & Gregory Pavlov, 2008. "How to Talk to Multiple Audiences," UWO Department of Economics Working Papers 20081, University of Western Ontario, Department of Economics. [Downloadable!]
  3. Srihari Govindan & Robert Wilson, 2008. "On Forward Induction," Levine's Working Paper Archive 122247000000001859, David K. Levine. [Downloadable!]
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  4. Govindan, Srihari & Wilson, Robert B., 2008. "Axiomatic Theory of Equilibrium Selection in Signaling Games with Generic Payoffs," Research Papers 2000, Stanford University, Graduate School of Business. [Downloadable!]
    Other versions:
  5. Joan Esteban & Facundo Albornoz & Paolo Vanin, 2009. "Government Information Transparency," UFAE and IAE Working Papers 774.09, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
    Other versions:
  6. Govindan, Srihari & Wilson, Robert B., 2008. "Decision-Theoretic Forward Induction," Research Papers 1986, Stanford University, Graduate School of Business. [Downloadable!]
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