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Announcement wars as an equilibrium selection device

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Author Info

  • ACOCELLA, Nicola

    ()
    (Sapienza University of Rome, Department of Geo-economics, I-00161 Rome, Italy)

  • DI BARTOLOMEO, Giovanni

    ()
    (University of Teramo, Faculty of Communication, I-64100 Teramo, Italy)

  • HUGHES HALLETT, Andrew

    ()
    (School of Public Policy, George Mason University, Fairfax, VA, USA)

  • PIACQUADIO, Paolo G.

    ()
    (Université catholique de Louvain, CORE and IRES, B-1348 Louvain-la-Neuve, Belgium)

Abstract

This paper attempts to give a rationale to public announcements, so often observed in the real world, and to formalize the idea that they can be used as a form of equilibrium selection device when multiple equilibria arise. It also shows how announcements solve the problems of coordination failures as predicted by the empirical literature based on experimental studies

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File URL: http://www.uclouvain.be/cps/ucl/doc/core/documents/coredp2009_77web.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2009077.

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Date of creation: 01 Dec 2009
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Handle: RePEc:cor:louvco:2009077

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Related research

Keywords: multiple Nash equilibria; coordination failure; cheap talk; policy games; announcement equilibrium;

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Cited by:
  1. Hughes Hallett, Andrew & Di Bartolomeo, Giovanni & Acocella, Nicola, 2012. "A general theory of controllability and expectations anchoring for small-open economies," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 397-411.

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