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Neutrally Stable Outcomes in Cheap Talk Coordination Games

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  • Abhijit Banerjee
  • J�rgen W. Weibull

Abstract

This paper examines equilibrium and stability in symmetric two- player cheap-talk games. In particular, we characterize the set of neutrally stable outcomes infinite cheap-talk 2 x 2 coordination games. This set is finite and does not depend on risk-dominance relations. As the number of messages goes to infinity, this set expands to a countable limit set that has exactly one cluster point, the Pareto efficient Nash equilibrium payoff. In contrast, the corresponding limit set of strictly perfect outcomes is shown to be dense in the interval spanned by the Nash equilibrium payoffs of the game. It is also shown that the limit set of neutrally stable outcomes coincides with the set of neutrally stable outcomes when the message set is (countably) infinite.

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Paper provided by ESRC Centre on Economics Learning and Social Evolution in its series ELSE working papers with number 012.

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Handle: RePEc:els:esrcls:012

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  1. Kim, Y.G. & Sobel, J., 1993. "An Evolutionary Approach to Pre-Play Communication," Working Papers 93-02, University of Iowa, Department of Economics.
  2. Sobel, Joel, 1993. "Evolutionary stability and efficiency," Economics Letters, Elsevier, vol. 42(2-3), pages 301-312.
  3. Warneryd, Karl, 1991. "Evolutionary stability in unanimity games with cheap talk," Economics Letters, Elsevier, vol. 36(4), pages 375-378, August.
  4. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  5. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
  6. Warneryd, Karl, 1992. "Communication, correlation, and symmetry in bargaining," Economics Letters, Elsevier, vol. 39(3), pages 295-300, July.
  7. Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June.
  8. Blume Andreas & Kim Yong-Gwan & Sobel Joel, 1993. "Evolutionary Stability in Games of Communication," Games and Economic Behavior, Elsevier, vol. 5(4), pages 547-575, October.
  9. Bhaskar, V., 1998. "Noisy Communication and the Evolution of Cooperation," Journal of Economic Theory, Elsevier, vol. 82(1), pages 110-131, September.
  10. M. Kandori & R. Rob, 2010. "Evolution of Equilibria in the Long Run: A General Theory and Applications," Levine's Working Paper Archive 502, David K. Levine.
  11. Warneryd Karl, 1993. "Cheap Talk, Coordination, and Evolutionary Stability," Games and Economic Behavior, Elsevier, vol. 5(4), pages 532-546, October.
  12. A. J. Robson, 2010. "Efficiency in Evolutionary Games: Darwin, Nash and the Secret Handshake," Levine's Working Paper Archive 540, David K. Levine.
  13. Bomze Immanuel M. & Weibull Jorgen W., 1995. "Does Neutral Stability Imply Lyapunov Stability?," Games and Economic Behavior, Elsevier, vol. 11(2), pages 173-192, November.
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Cited by:
  1. Riccardo Calcagno & Stefano Lovo, 2010. "Preopening and Equilibrium Selection," Tinbergen Institute Discussion Papers 10-023/2, Tinbergen Institute.
  2. Stefano Demichelis & Jörgen W. Weibull, 2007. "Language, meaning and games: a model of communication, coordination and evolution," Carlo Alberto Notebooks 61, Collegio Carlo Alberto.
  3. Robert J. Aumann & Sergiu Hart, 2003. "Long Cheap Talk," Econometrica, Econometric Society, vol. 71(6), pages 1619-1660, November.
  4. Ellingsen, Tore & Östling, Robert, 2006. "Organizational Structure as the Channeling of Boundedly Rational Pre-play Communication," Working Paper Series in Economics and Finance 634, Stockholm School of Economics.
  5. Brian Skyrms, 2003. "Signals, Evolution and the Explanatory Power of Transient Information," Levine's Working Paper Archive 618897000000000799, David K. Levine.
  6. Weibull, Jörgen W., 1997. "What have we learned from Evolutionary Game Theory so far?," Working Paper Series 487, Research Institute of Industrial Economics, revised 26 Oct 1998.
  7. Demichelis, Stefano & Weibull, Jörgen, 2006. "Efficiency, communication and honesty," Working Paper Series in Economics and Finance 645, Stockholm School of Economics, revised 28 Nov 2006.
  8. Herold, Florian & Kuzmics, Christoph, 2009. "Evolutionary stability of discrimination under observability," Games and Economic Behavior, Elsevier, vol. 67(2), pages 542-551, November.
  9. Heiner, Ronald Asher, 2002. "Robust Evolution Of Contingent Cooperation In Pure One-Shot Prisoners' Dilemmas. Part I: Vulnerable Contingent Participators Versus Stable Contingent Cooperators," CSLE Discussion Paper Series 2002-09, Saarland University, CSLE - Center for the Study of Law and Economics.
  10. Heller, Yuval, 2013. "Language, Meaning, and Games: Comment," MPRA Paper 49375, University Library of Munich, Germany.

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