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Unmediated communication in games with complete and incomplete information

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  • Gerardi, Dino

Abstract

In this paper we study the effects of adding unmediated communication to static, finite games of complete and incomplete information. We characterize S^{U}(G), the set of outcomes of a game G, that are induced by sequential equilibria of cheap talk extensions. A cheap talk extension of G is an extensive-form game in which players communicate before playing G. A reliable mediator is not available and players exchange private or public messages that do not affect directly their payoffs. We first show that if G is a game of complete information with five or more players and rational parameters, then S^{U}(G) coincides with the set of correlated equilibria of G. Next, we demonstrate that if G is a game of incomplete information with at least five players, rational parameters and full support (i.e. all profiles of types have positive probability), then S^{U}(G) is equal to the set of communication equilibria of G.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 114 (2004)
Issue (Month): 1 (January)
Pages: 104-131

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Handle: RePEc:eee:jetheo:v:114:y:2004:i:1:p:104-131

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Web page: http://www.elsevier.com/locate/inca/622869

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