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Cheap Talk by Two Senders in the Presence of Network Externalities

Jeahan Jung , Jeong-yoo Kim
  • : 한국경제학회
  • : The Korean Economic Review 35권1호
  • : 연속간행물
  • : 2019년 01월
  • : 249-274(26pages)

DOI


목차

I. Introduction
II. Related Literature
III. Model
IV. Noiseless Case
V. Noisy Case
VI. Conclusion
Appendix
References

키워드 보기


초록 보기


						
We develop a model of cheap talk with two senders in the presence of network externalities, such that their utility functions are increasing in the network size. We first show that, if there is no noise in the private information received by each sender, the full information is revealed by the harshest cross-checking strategies, that is, strategies to punish the senders unless their messages exactly coincide. Then, we prove that, even with a small noise, cross-checking strategies cannot induce full revelation if the utility functions of senders are linear in the network size, whereas full revelation is possible if utility functions are strictly concave. Finally, we show that a CARA (constant absolute risk aversion) utility function of senders is the necessary and sufficient condition for the existence of a fully revealing equilibrium, which is supported by the cross-checking strategy with a positive confidence interval independent of each sender’s private information.

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9Cheap Talk by Two Senders in the Presence of Network Externalities

저자 : Jeahan Jung , Jeong-yoo Kim

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 1호 발행 연도 : 2019 페이지 : pp. 249-274 (26 pages)

다운로드

(기관인증 필요)

초록보기

We develop a model of cheap talk with two senders in the presence of network externalities, such that their utility functions are increasing in the network size. We first show that, if there is no noise in the private information received by each sender, the full information is revealed by the harshest cross-checking strategies, that is, strategies to punish the senders unless their messages exactly coincide. Then, we prove that, even with a small noise, cross-checking strategies cannot induce full revelation if the utility functions of senders are linear in the network size, whereas full revelation is possible if utility functions are strictly concave. Finally, we show that a CARA (constant absolute risk aversion) utility function of senders is the necessary and sufficient condition for the existence of a fully revealing equilibrium, which is supported by the cross-checking strategy with a positive confidence interval independent of each sender's private information.

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