Endogenous Private Information Structures
AbstractWe formally incorporate the option to gather information into a game and thus endogenize the information structure. We ask whether models with exogenous information structures are robust with respect to this endogenization. Any Nash equilibrium of the game with information acquisition induces a Nash equilibrium in the corresponding game with an exogenous structure. We provide sufficient conditions on the structure of the game for which this remains true when "Nash" is replaced by "sequential". We characterize the (sequential) Nash equilibria of games with exogenous information structures that can arise as a (sequential) Nash equilibrium of games with endogenous information acquisition.
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Bibliographic InfoPaper provided by Barcelona Graduate School of Economics in its series Working Papers with number 38.
Date of creation: Sep 2003
Date of revision:
Information acquisition; private information; equilibrium;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Hurkens, Sjaak & Vulkan, Nir, 2001.
"Information acquisition and entry,"
Journal of Economic Behavior & Organization,
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"Secret information acquisition in Cournot markets,"
Economics Working Papers
233, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 1997.
- Anke Kessler, 1998. "The Value of Ignorance," RAND Journal of Economics, The RAND Corporation, vol. 29(2), pages 339-354, Summer.
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