Cheap Talk

Vijay Krishna; John Morgan

doi:10.1057/978-1-349-95189-5_2525

Cheap Talk

Vijay Krishna
, John Morgan

Economics

Research output: Chapter in Book/Report/Conference proceeding › Chapter

Abstract

Cheap-talk models address the question of how much information can be credibly transmitted when communication is direct and costless. When a single informed expert, who is biased, gives advice to a decision maker, only noisy information can be credibly transmitted. The more biased the expert is, the noisier the information. The decision maker can improve information transmission by: (a) more extensive communication, (b) soliciting advice from additional experts, or (c) writing contracts with the expert.

Original language	English (US)
Title of host publication	The New Palgrave Dictionary of Economics, Third Edition
Publisher	Palgrave Macmillan
Pages	1531-1538
Number of pages	8
ISBN (Electronic)	9781349951895
ISBN (Print)	9781349951888
DOIs	https://doi.org/10.1057/978-1-349-95189-5_2525
State	Published - Jan 1 2018

All Science Journal Classification (ASJC) codes

General Economics, Econometrics and Finance
General Business, Management and Accounting

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10.1057/978-1-349-95189-5_2525

Cite this

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Cheap Talk

Abstract

All Science Journal Classification (ASJC) codes

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