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  • Yuk-fai Fong

    (Kellogg School of Management, Northwestern University)

  • Peter Eso

    (Kellogg School of Management, Northwestern University)

We study a dynamic cheap talk model with multiple senders where the receiver can choose when to make her decision and communication can take place over time. No player has the ability to commit to any action in the future, in particular, the receiver cannot commit to delay the decision. In contrast to the results in static versions of the model, we show that when the senders have common knowledge about the state of the world, there exists an equilibrium with instantenous, full revelation irrespective of the size and direction of the senders’ biases. We show that the equilibrium is robust to the introduction of noise in the senders’ signals about the state. The conditions under which the equilibrium outcome with noisy observation converges to immediate full disclosure as the noise disappears involve the size of the senders’ biases and their patience.

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File URL: https://economicdynamics.org/meetpapers/2008/paper_303.pdf
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Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 303.

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Date of creation: 2008
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Handle: RePEc:red:sed008:303
Contact details of provider: Postal:
Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/society.htm
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