Rich language and refinements of cheap-talk equilibria

Wojciech Olszewski

doi:10.1016/j.jet.2004.12.004

Rich language and refinements of cheap-talk equilibria

Wojciech Olszewski^*

^*Corresponding author for this work

Economics

Research output: Contribution to journal › Article › peer-review

2 Scopus citations

Abstract

I formalize the notion of equilibrium language, define the relation of having a richer language, and show the existence of equilibria with maximally rich language. I also study the stability of equilibria with respect to inflows of messages that can enrich their language, and provide examples of implausible cheap-talk equilibria, not refined away by the existing refinements, which can be refined away on the grounds of stability properties.

Original language	English (US)
Pages (from-to)	164-186
Number of pages	23
Journal	Journal of Economic Theory
Volume	128
Issue number	1
DOIs	https://doi.org/10.1016/j.jet.2004.12.004
State	Published - May 1 2006

Keywords

Cheap-talk games
Equilibrium refinements

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/j.jet.2004.12.004

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AB - I formalize the notion of equilibrium language, define the relation of having a richer language, and show the existence of equilibria with maximally rich language. I also study the stability of equilibria with respect to inflows of messages that can enrich their language, and provide examples of implausible cheap-talk equilibria, not refined away by the existing refinements, which can be refined away on the grounds of stability properties.

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KW - Equilibrium refinements

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Rich language and refinements of cheap-talk equilibria

Abstract

Keywords

ASJC Scopus subject areas

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