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Persuasion games with higher-order uncertainty

  • Koessler, Frederic

In persuasion games, it is well known that a perfectly revealing equilibrium may fail to exist when the decision maker is uncertain about the interested party\'s payoff-relevant information. However, by explicitly integrating higher order uncertainty into the information structure, this paper shows that a perfectly revealing equilibrium does exist when disclosures are not restrained to intervals of the payoff-relevant state space. On the contrary, when payoff-irrelevant disclosures are impossible, a perfectly revealing equilibrium fails to exist as long as there is a strictly positive probability that the decision maker does not know whether the interested party is informed or not. In this case, a partially revealing equilibrium and associated inferences are characterized.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 110 (2003)
Issue (Month): 2 (June)
Pages: 393-399

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Handle: RePEc:eee:jetheo:v:110:y:2003:i:2:p:393-399
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. Paul R. Milgrom, 1981. "Good News and Bad News: Representation Theorems and Applications," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 380-391, Autumn.
  2. Sanford Grossman & Oliver Hart, . "Disclosure Laws and Takeover Bids," Rodney L. White Center for Financial Research Working Papers 23-79, Wharton School Rodney L. White Center for Financial Research.
  3. Shin Hyun Song, 1994. "The Burden of Proof in a Game of Persuasion," Journal of Economic Theory, Elsevier, vol. 64(1), pages 253-264, October.
  4. David M Kreps & Robert Wilson, 2003. "Sequential Equilibria," Levine's Working Paper Archive 618897000000000813, David K. Levine.
  5. Hyun Song Shin & Andrew Postlewaite & Stephen Morris, 1995. "Depth of knowledge and the effect of higher order uncertainty," Economic Theory, Springer, vol. 6(3), pages 453-467.
  6. Grossman, Sanford J, 1981. "The Informational Role of Warranties and Private Disclosure about Product Quality," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 461-83, December.
  7. Sergiu Hart & Aviad Heifetz & Dov Samet, 1994. "'Knowing Whether', 'Knowing That' and the Cardinality of State Spaces," Game Theory and Information 9404002, EconWPA.
  8. H.S. Shin, 1994. "News Management and the Value of Firms," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 58-71, Spring.
  9. Okuno-Fujiwara, Masahiro & Postlewaite, Andrew & Suzumura, Kotaro, 1990. "Strategic Information Revelation," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 25-47, January.
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