How to talk to multiple audiences |
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Authors: | Maria Goltsman Gregory Pavlov |
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Institution: | a Department of Economics, University of Western Ontario, Social Science Centre, London, Ontario N6A 5C2, Canada |
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Abstract: | Stochastic fictitious play (SFP) assumes that agents do not try to influence the future play of their current opponents, an assumption that is justified by appeal to a setting with a large population of players who are randomly matched to play the game. However, the dynamics of SFP have only been analyzed in models where all agents in a player role have the same beliefs. We analyze the dynamics of SFP in settings where there is a population of agents who observe only outcomes in their own matches and thus have heterogeneous beliefs. We provide conditions that ensure that the system converges to a state with homogeneous beliefs, and that its asymptotic behavior is the same as with a single representative agent in each player role. |
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Keywords: | Communication Information Mechanism design Cheap talk Long cheap talk Multiple audiences |
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