Cheap talk with prior-biased inferences

B-Tier
Journal: Games and Economic Behavior
Year: 2023
Volume: 138
Issue: C
Pages: 254-280

Authors (3)

Lee, Yong-Ju (not in RePEc) Lim, Wooyoung (Hong Kong University of Scienc...) Zhao, Chen (not in RePEc)

Score contribution per author:

0.670 = (α=2.01 / 3 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We investigate how prior-biased inferences change players' strategic incentives and result in novel welfare implications in the canonical framework of strategic information transmission. The ex ante social welfare achieved in our model exceeds the upper bound characterized in the standard environment without prior bias. The welfare gain stems from the fact that the receiver's prior bias weakens the link between the sender's message and the receiver's response without contaminating the actual content of the messages. We further show that direct communication is optimal among all possible communication protocols in the presence of a sufficient degree of prior bias.

Technical Details

RePEc Handle
repec:eee:gamebe:v:138:y:2023:i:c:p:254-280
Journal Field
Theory
Author Count
3
Added to Database
2026-01-25