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Equilibrium Selection in Cheap Talk Games: ACDC rocks when Other Criteria remain silent

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Author Info

  • Adrian de Groot Ruiz

    (University of Amsterdam)

  • Theo Offerman

    (University of Amsterdam)

  • Sander Onderstal

    (University of Amsterdam)

Abstract

Currently no refinement exists that successfully selects equilibria across a wider range of Cheap Talk games. We propose a generalization of refinements based on credible deviations, such as neologism proofness and announcement proofness. According to our Average Credible Deviation Criterion (ACDC), the stability of an equilibrium is determined by the frequency and the size of credible deviations. In our experiment, we find support for the relevance of credible deviations. In addition, we find support for ACDC in settings where other criteria remain silent. ACDC also explains results from previous experiments.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-037/1.

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Date of creation: 14 Feb 2011
Date of revision: 31 Oct 2011
Handle: RePEc:dgr:uvatin:20110037

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Web page: http://www.tinbergen.nl

Related research

Keywords: cheap talk; neologism proofness; announcement proofness; credible deviation; ACDC; experiment;

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  1. Adrian de Groot Ruiz & Theo Offerman & Sander Onderstal, 2011. "Power and the Privilege of Clarity: An Analysis of Bargaining Power and Information Transmission," Tinbergen Institute Discussion Papers 11-055/1, Tinbergen Institute, revised 31 Oct 2011.
  2. Serra Garcia, M. & Damme, E.E.C. van & Potters, J.J.M., 2010. "Which Words Bond? An Experiment on Signaling in a Public Good Game (replaced by CentER DP 2011-139)," Discussion Paper 2010-33, Tilburg University, Center for Economic Research.
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Cited by:
  1. Adrian de Groot Ruiz & Theo Offerman & Sander Onderstal, 2011. "An Experimental Study of Credible Deviations and ACDC," Tinbergen Institute Discussion Papers 11-153/1, Tinbergen Institute.

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