Sequential Equilibria and Cheap Talk in Infinite Signaling Games

Karl Iorio and Alejandro M. Manuelli

No 915, Discussion Papers from Northwestern University, Center for Mathematical Studies in Economics and Management Science

Abstract: This paper shows the existence of sequential and weak-best-response equilibria for cheap-talk extensions of signaling games for a class of signaling games called communication-impervious. An example shows there are well-behaved infinite signaling games with no sequential equilibria. The assumption that talk is cheap seems reasonable in many economic contexts and yields a very straightforward solution to the existence problem in infinite signaling games. The cheap-talk assumption opens the possibility of extending the methods of this paper to prove the existence of equilibrium in more-general extensive-form games with infinite action and information sets.

Date: 1990-12
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