Aumann, Robert J.; Hart, Sergiu - In: Econometrica 71 (2003) 6, pp. 1619-1660
With cheap talk, more can be achieved by long conversations than by a single message-even when one side is strictly better informed than the other. ("Cheap talk" means plain conversation-unmediated, nonbinding, and payoff-irrelevant.) This work characterizes the equilibrium payoffs for all...