Can there be a market for cheap-talk information? : an experimental investigation

Antonio Cabrales, Francesco Feri, Piero Gottardi, Miguel A. Meléndez-Jiménez

This paper reports on experiments testing the viability of markets for cheap talk information. We find that the poor quality of the information transmitted leads to a collapse of information markets. The reasons for this are surprising given the previous experimental results on cheap-talk games. Our subjects provide low-quality information even when doing so does not increase their monetary payoff.

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Year of publication:	2018
Authors:	Cabrales, Antonio ; Feri, Francesco ; Gottardi, Piero ; Meléndez-Jiménez, Miguel A.
Publisher:	Munich : CESifo, Center for Economic Studies & Ifo Institute
Subject:	experiment \| cheap talk \| auction \| information acquisition \| information sale \| Auktionstheorie \| Auction theory \| Informationsverhalten \| Information behaviour \| Experiment \| Kommunikation \| Communication \| Informationsverbreitung \| Information dissemination \| Informationsmarkt \| Information market \| Informationsversorgung \| Information provision \| Asymmetrische Information \| Asymmetric information \| Wirtschaftskriminalität \| Economic crime

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Extent:	1 Online-Ressource (circa 41 Seiten) Illustrationen
Series:	CESifo working papers. - München : [Verlag nicht ermittelbar], ISSN 2364-1428, ZDB-ID 2065232-X. - Vol. no. 6975
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/180237 [Handle]
Classification:	C72 - Noncooperative Games ; D83 - Search, Learning, Information and Knowledge ; G14 - Information and Market Efficiency; Event Studies
Source:	ECONIS - Online Catalogue of the ZBW

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