Cheap-talk and cooperation in a society

Abstract

This paper considers a large population randomly matched to play a game of common interest with cheap-talk. We apply a noncooperative solution concept to this society. A strategy distribution g is accessible from another distribution f if there is a path from f to g the direction of which is always a best response to the present distribution. A cyclically stable set is a set of strategy distributions which is closed under accessibility and of which any two members are mutually accessible. It is shown that a unique cyclically stable set exists and contains only Pareto optimal outcomes.

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