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Only time will tell: Credible dynamic signaling

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  • Starkov, Egor

Abstract

This paper characterizes informational outcomes in a model of dynamic signaling with vanishing commitment power. It shows that contrary to popular belief, informative equilibria with payoff-relevant signaling can exist without requiring unreasonable off-path beliefs. The paper provides a sharp characterization of possible separating equilibria: all signaling must take place through attrition, when the weakest type mixes between revealing own type and pooling with the stronger types. The framework explored in the paper is general, imposing only minimal assumptions on payoff monotonicity and single-crossing. Applications to bargaining, monopoly price signaling, and labor market signaling are developed to demonstrate the results in specific contexts.

Suggested Citation

  • Starkov, Egor, 2023. "Only time will tell: Credible dynamic signaling," Journal of Mathematical Economics, Elsevier, vol. 109(C).
    • Handle: RePEc:eee:mateco:v:109:y:2023:i:c:s0304406823000873
    DOI: 10.1016/j.jmateco.2023.102894
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    Keywords

    Dynamic signaling; Repeated signaling; Reputation; Attrition;
    All these keywords.

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

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