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Signaling Games and Stable Equilibria

In-Koo Cho and David M. Kreps
The Quarterly Journal of Economics
Vol. 102, No. 2 (May, 1987), pp. 179-222
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1885060
Page Count: 43
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Signaling Games and Stable Equilibria
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Abstract

Games in which one party conveys private information to a second through messages typically admit large numbers of sequential equilibria, as the second party may entertain a wealth of beliefs in response to out-of-equilibrium messages. By restricting those out-of-equilibrium beliefs, one can sometimes eliminate many unintuitive equilibria. We present a number of formal restrictions of this sort, investigate their behavior in specific examples, and relate these restrictions to Kohlberg and Mertens' notion of stability.

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