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- W2599978428 abstract "One of the most fundamental issues in modern economic theory is the role ofprivate information in affecting economic outcomes. It is an undeniable fact oflife that in a lot of situations, there is asymmetry of information amongst agents.Some agents are likely to have better knowledge than other agents about someparameter that is pertinent to the transaction they are involved in. This ba-sic premise underpins the large literature on incentives, signalling, screening,contract theory and mechanism design. The assumption of informational asym-metries naturally leads us to the question of information transmission. All thesemodels try to devise schemes to facilitate the flow of information from the betterinformed agent to the less informed party. Economic institutions like markets orother contractual agreements are judged by their relative efficiency in tacklingadverse selection or moral hazard problems.Without downplaying the necessity and the significance of such analyses offormal mechanisms and contracts, one might also be interested in knowing whathappens in the absence of such mechanisms. After all, realistically, it is impos-sible to write down detailed contracts covering every possible contingency thatmight arise in every possible transaction involving every possible agent. In fact,in their day to day lives, people undertake lots of strategic actions that are notresponses to an underlying explicit contract. In some of these situations involv-ing asymmetric information, agents do reveal certain amounts of their privateinformation without being forced to do so by a contractual scheme. They do sovoluntarily and without incurring any costs. If we think about it, we will realizethat so much interaction and information sharing happens by means of costlessverbal communication of non-verifiable, non-binding messages that some seriousattention in understanding these informal arrangements is definitely warranted.In particular, one might ask, is it possible to share any information throughinformal communication? Can plain and simple talk achieve anything? At firstblush, the answer will seem to be in the negative because, since talk is cheap,why would anyone ever reveal the truth? Even if one claimed to swear by hon-2" @default.
- W2599978428 created "2017-04-07" @default.
- W2599978428 creator A5036893981 @default.
- W2599978428 creator A5062094815 @default.
- W2599978428 date "2008-01-01" @default.
- W2599978428 modified "2023-09-26" @default.
- W2599978428 title "Cheap Talk: Basic Models and New Developments" @default.
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