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Unmediated Communication in Games with Complete and Incomplete Information

In this paper we study the effects of adding unmediated communication to static, finite games of complete and incomplete information. We characterize S^{U}(G), the set of outcomes of a game G, that are induced by sequential equilibria of cheap talk extensions. A cheap talk extension of G is an extensive-form game in which players communicate before playing G. A reliable mediator is not available and players exchange private or public messages that do not affect directly their payoffs. We first show that if G is a game of complete information with five or more players and rational parameters, then S^{U}(G) coincides with the set of correlated equilibria of G. Next, we demonstrate that if G is a game of incomplete information with at least five players, rational parameters and full support (i.e. all profiles of types have positive probability), then S^{U}(G) is equal to the set of communication equilibria of G.

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File URL: http://cowles.econ.yale.edu/P/cd/d13b/d1371.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1371.

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Length: 73 pages
Date of creation: May 2002
Date of revision:
Publication status: Published in Journal of Economic Theory (2004), 114" 104-131
Handle: RePEc:cwl:cwldpp:1371
Note: CFP 1083.
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Web page: http://cowles.econ.yale.edu/

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