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Meaningful Talk

Author

Listed:
  • Streb, Jorge M.
  • Torrens, Gustavo

Abstract

This paper develops a semiotic-inferential model of verbal communication for incomplete information games: a language is seen as a set of conventional signs that point to types, and the credibility of a message depends on the strategic context. Formally, there is an encoding-decoding step where the receiver can understand the sender's message if and only if a common language is used, and an inferential step where the receiver may either trust the message's literal meaning or disregard it when updating priors. The epistemic requirement that information be transmitted through the literal meaning of the message uttered leads to an equilibrium concept distinct from a Perfect Bayesian Equilibrium, ruling out informative equilibria where language is not used in its ordinary sense. The paper also proposes a refinement by which the sender selects among equilibria if all sender types are willing to play the same equilibrium.

Suggested Citation

  • Streb, Jorge M. & Torrens, Gustavo, 2015. "Meaningful Talk," IDB Publications (Working Papers) 6813, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:6813
    DOI: http://dx.doi.org/10.18235/0011676
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    Cited by:

    1. Sergio Ardila & Ricardo Quiroga & William J. Vaughan, 1998. "A Review of the Use of Contingent Valuation Methods in Project Analysis at the Inter-American Development Bank," IDB Publications (Working Papers) 33298, Inter-American Development Bank.
    2. Jorge M. Streb, 2015. "Optimal Relevance in Imperfect Information Games," CEMA Working Papers: Serie Documentos de Trabajo. 570, Universidad del CEMA, revised May 2017.
    3. Jorge M. Streb & Gustavo Torrens, 2012. "Honesty, lemons, and symbolic signals," CEMA Working Papers: Serie Documentos de Trabajo. 492, Universidad del CEMA.

    More about this item

    Keywords

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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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