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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 3, Number 1 (March 2008) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/10417

Title: Multi-sender cheap talk with restricted state spaces
Authors: Attila Ambrus; Harvard University
Satoru Takahashi; Princeton University
Keywords: Cheap talk, two senders, multidimensional state space
C72, D82, D83
Issue Date: 4-Mar-2008
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 3, No 1 (2008)
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper analyzes multi-sender cheap talk when the state space might be restricted, either because the policy space is restricted, or the set of rationalizable policies of the receiver is not the whole space. We provide a necessary and sufficient condition for the existence of a fully revealing perfect Bayesian equilibrium for any state space. We show that if biases are large enough and are not of similar directions, where the notion of similarity depends on the shape of the state space, then there is no fully revealing perfect Bayesian equilibrium. The results suggest that boundedness, as opposed to dimensionality, of the state space plays an important role in determining the qualitative implications of a cheap talk model. We also investigate equilibria that satisfy a robustness property, diagonal continuity.
URI: http://hdl.handle.net/1807/10417
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20080001
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 3, Number 1 (March 2008)

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