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Long Cheap Talk

  • Robert J. Aumann
  • Sergiu Hart

With cheap talk, more can be achieved by long conversations than by a single message-even when one side is strictly better informed than the other. ("Cheap talk" means plain conversation-unmediated, nonbinding, and payoff-irrelevant.) This work characterizes the equilibrium payoffs for all two-person games in which one side is better informed than the other and cheap talk is permitted. Copyright The Econometric Society 2003.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 71 (2003)
Issue (Month): 6 (November)
Pages: 1619-1660

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Handle: RePEc:ecm:emetrp:v:71:y:2003:i:6:p:1619-1660
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  10. Forges, Françoise, 1992. "Repeated games of incomplete information : non-zero-sum," Economics Papers from University Paris Dauphine 123456789/184, Paris Dauphine University.
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  19. Blume Andreas & Sobel Joel, 1995. "Communication-Proof Equilibria in Cheap-Talk Games," Journal of Economic Theory, Elsevier, vol. 65(2), pages 359-382, April.
  20. Myerson, Roger B., 1994. "Communication, correlated equilibria and incentive compatibility," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 24, pages 827-847 Elsevier.
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  24. Jerry R. Green & Nancy L. Stokey, 1980. "A Two-Person Game of Information Transmission," Discussion Papers 418, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  25. Zapater, Inigo, 1997. "Credible Proposals in Communication Games," Journal of Economic Theory, Elsevier, vol. 72(1), pages 173-197, January.
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  27. HART, Sergiu, . "Nonzerosum two-person repeated games with incomplete information," CORE Discussion Papers RP -636, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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