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Probabilistic cheap talk

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Author Info
Bhaskar Chakravorti (The Monitor Company, 25 First St., Cambridge MA 02141, USA)
Bart Taub () (Department of Economics University of Illinois, 330 Commerce West Building, Champaign, IL 61820, USA)
John P. Conley () (Department of Economics University of Illinois, 330 Commerce West Building, Champaign, IL 61820, USA)

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Abstract

We consider a model in which there is uncertainty over when a one-shot game will be played. We show how a mechanism designer can implement desirable outcomes in certain economic games by manipulating only the probability that the game is played in a given round while leaving all other aspects of the game unchanged. We also show that if there is no discounting, this uncertainty imparts a sequential structure that is almost mathematically equivalent to a repeated version of the game with discounting. In particular, a folk theorem applies to such games. Thus, games of probabilistic cheap provide a third interpretation of the repeated game framework with the additional feature that expected payoff is invariant to the probability of the game ending.

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Publisher Info
Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 19 (2002)
Issue (Month): 2 ()
Pages: 281-294
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Handle: RePEc:spr:sochwe:v:19:y:2002:i:2:p:281-294

Note: Received: 10 May 1999/Accepted: 16 October 2000
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  1. Bhaskar Chakravorti & John Conley, 2004. "Bargaining efficiency and the repeated prisoners' dilemma," Economics Bulletin, Economics Bulletin, vol. 3(3), pages 1-8. [Downloadable!]
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