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Deviations, Dynamics and Equilibrium Refinements

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Author Info
Matthew Rabin and Joel Sobel.

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Abstract

Many standard solution concepts rule out those Nash equilibria that are susceptible to deviations. We propose a framework for considering not only which equilibria are not susceptible to deviations, but also which equilibria are likely to persist in the long run because they are repeatedly deviated to. We call such equilibria recurrent. We explore which equilibria are recurrent based on the deviations underlying each of several prominent signaling refinements. We show that the set of recurrent equilibria based on Cho and Krep's (1987) intuitive criterion and Kohlberg and Mertens's (1986) NWBR criterion are precisely what those papers already predict. In contrast, we show that applying our framework to cheap-talk refinements proposed by Farrell (1993) and Matthews, Okuno-Fujiwara, and Postlewaite (1991) can 1) make those solution concepts more realistic, 2) guarantee existence, and 3) guarantee meaningful communication in at least one class of games where it is not guaranteed by either Farrell or MOP.

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Publisher Info
Paper provided by University of California at Berkeley in its series Economics Working Papers with number 93-211.

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Date of creation: 01 May 1993
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Handle: RePEc:ucb:calbwp:93-211

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  1. Toshiji Kawagoe & Hirokazu Takizawa, 2005. "Why Lying Pays: Truth Bias in the Communication with Conflicting Interests," Experimental 0503005, EconWPA. [Downloadable!]
  2. Andreas Blume, 1995. "Information Transmission and Preference Similarity," Game Theory and Information 9504002, EconWPA, revised 29 May 1996. [Downloadable!]
  3. Toshiji Kawagoe & Hirokazu Takizawa, 2005. "Why Lying Pays: Truth Bias in the Communication with Conflicting Interests," Discussion papers 05018, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  4. Robert J. Aumann & Sergiu Hart, 2002. "Long Cheap Talk," Discussion Paper Series dp284, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem, revised Nov 2002. [Downloadable!]
    Other versions:
    • Robert J. Aumann & Sergiu Hart, 2003. "Long Cheap Talk," Econometrica, Econometric Society, vol. 71(6), pages 1619-1660, November. [Downloadable!] (restricted)
  5. Gerorg Nöldeke & Larry Samuelson, . "A Dynamic Model of Equilibrium Selection In Signaling Markets," ELSE working papers 038, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
    Other versions:
  6. Wernerfelt, Birger, 2003. "Organizational Languages," Working papers 4278-03, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
    Other versions:
  7. Andreas Blume, 1996. "Information Transmission and Preference Similarity," Game Theory and Information 9605004, EconWPA. [Downloadable!]
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