Lectures (Video)
- 1. Introduction
- 2. Putting yourselves into other people's shoes
- 3. Iterative deletion and the median-voter theorem
- 4. Best responses in soccer and business partnerships
- 5. Nash equilibrium: bad fashion and bank runs
- 6. Nash equilibrium: dating and Cournot
- 7. Nash equilibrium: shopping, standing and voting on a line
- 8. Nash equilibrium: location, segregation and randomization
- 9. Mixed strategies in theory and tennis
- 10. Mixed strategies in baseball, dating and paying your taxes
- 11. Evolutionary stability: cooperation, mutation, and equilibrium
- 12. Evolutionary stability: social convention, aggression, and cycles
- 13. Sequential games: moral hazard, incentives, and hungry lions
- 14. Backward induction: commitment, spies, and first-mover
- 15. Backward induction: chess, strategies, and credible threats
- 16. Backward induction: reputation and duels
- 17. Backward induction: ultimatums and bargaining
- 18. Imperfect information: information sets and sub-game
- 19. Subgame perfect equilibrium: matchmaking and strategic investments
- 20. Subgame perfect equilibrium: wars of attrition
- 21. Repeated games: cooperation vs. the end game
- 22. Repeated games: cheating, punishment, and outsourcing
- 23. Asymmetric information: silence, signaling and suffering education
- 24. Asymmetric information: auctions and the winner's curse
Game Theory - Lecture 23
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Lecture 23 - Asymmetric information: silence, signaling and suffering education
We look at two settings with asymmetric information; one side of a game knows something that the other side does not. We should always interpret attempts to communicate or signal such information taking into account the incentives of the person doing the signaling. In the first setting, information is verifiable. Here, the failure explicitly to reveal information can be informative, and hence verifiable information tends to come out even when you don't want it to. We consider examples of such information unraveling. Then we move to unverifiable information. Here, it is hard to convey such information even if you want to. Nevertheless, differentially costly signals can sometimes provide incentives for agents with different information to distinguish themselves. In particular, we consider how the education system can allow future workers to signal their abilities. We discuss some implications of this rather pessimistic view of education.
Prof. Ben Polak
ECON 159 Game Theory, Fall 2007 (Yale University: Open Yale) http://oyc.yale.edu Date accessed: 2009-01-15 License: Creative Commons BY-NC-SA |
Lecture Material
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