Continuous time noisy signalling
نویسنده
چکیده
Most real-life signalling is noisy and in many cases takes time. Information may be revealed gradually (many online customer reviews of a gadget) or by discrete events at random times (scientific breakthrough, oil spill, exposure of a corrupt politician). Both settings lead to behaviour different from noiseless or one-shot signalling situations. Signalling may occur in multiple disjoint intervals of beliefs. There may be no ‘most informative’ equilibrium with a signalling region that contains the signalling regions of all other equilibria. A higher prior may raise the payoff to the high type from separation relative to pooling. In noisy one-shot or repeated signalling, no signalling occurs at extreme priors, unlike in the noiseless case.
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