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Competition in Costly Talk

Federico Vaccari

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Abstract: This paper studies a communication game between an uninformed decision maker and two perfectly informed senders with conflicting interests. Senders can misreport information at a cost that increases with the size of the misrepresentation. The main results show that equilibria where the decision maker obtains the complete-information payoff hinge on beliefs with undesirable properties. The imposition of a minimal and sensible belief structure is sufficient to generate a robust and essentially unique equilibrium with partial information transmission. A complete characterization of this equilibrium unveils the language senders use to communicate.

Date: 2021-03, Revised 2023-04
New Economics Papers: this item is included in nep-com, nep-des, nep-gth and nep-mic
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