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    Evanston: Northwestern Univ., Kellogg Graduate School of Management, Center for Mathematical Studies in Economics and Management Science
    Publication Date: 2016-10-15
    Description: We explore when it is optimal for senders to commit to signal structures which induce the receiver to take higher actions when the underlying state is higher and the preferences of the receiver satisfy strategic complementarity conditions. Building on the literature on monotone comparative statics, we provide sufficient conditions for the sender's optimal signal structure consists of a monotone partition of the state space, and characterize the boundary conditions. When the action space is binary, it is optimal to use a monotone partition if the sender's preferences are supermodular in the action and the state. In the case of a continuum of actions, though, one must take into account the additional effect that altering the receiver's posteriors also affect her choice. We provide a new single-crossing condition that takes account of this effect, and guarantees monotonicity given appropriate conditions on the cost of implementing the signal structure. If it is costless to provide information, it will be optimal for the sender to reveal all information. Applications are provided to preference disagreement with biases, as well as to expected revenue maximization.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Evanston: Northwestern Univ., Kellogg Graduate School of Management, Center for Mathematical Studies in Economics and Management Science
    Publication Date: 2016-10-15
    Description: Many important economic situations can be modelled as dynamic games of incomplete information with strategic complementarities of actions and types. Of special interest is the question of the existence of a perfect Bayesian equilibrium in which actions are monotonic in types. In this paper, we extend the results of Athey (2001) and Reny (2011) from static Bayesian games to dynamic environments, providing conditions that guarantee the existence of monotone equilibria. Specifically, we define a belief mapping which pins down beliefs over types at any subgame, thereby allowing for the translation of the dynamic game into a static one and an extension of previous results. Difficulties arise when attempting to extend to a continuum of actions due to belief entanglement, which does not occur in the static environment, making extensions to a continuum of actions possible only under stronger conditions. We also provide conditions which guarantee that there will exist monotone best-replies to monotone strategies of one's opponents in a dynamic environment. Applications are given to signalling games and stopping games such as auctions.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
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