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Can there be a Market for Cheap-Talk Information? An Experimental Investigation

Cabrales, Antonio and Feri, Francesco and Gottardi, Piero and Meléndez-Jiménez, Miguel A (2018) Can there be a Market for Cheap-Talk Information? An Experimental Investigation. Working Paper. CESifoWorkingPapers. (Unpublished)

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Abstract

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.

Item Type: Monograph (Working Paper)
Uncontrolled Keywords: D830, C720, G140, experiment, cheap talk, auction, information acquisition, information sale
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Elements
Date Deposited: 16 Apr 2020 09:58
Last Modified: 16 Apr 2020 09:58
URI: http://repository.essex.ac.uk/id/eprint/27312

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