Rich language and refinements of cheap-talk equilibria |
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Authors: | Wojciech Olszewski |
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Institution: | Department of Economics, Northwestern University, 2003 Sheridan Road, Evanston, IL 60202, USA |
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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. |
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Keywords: | C72 |
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