Cheap Talk with Two Audiences

摘要: These problems have in common a simple structure: an informed "sender" says something to two interested but uninformed "receivers," who then take actions based on their beliefs; these affect the sender as well receivers. In this paper we study how costless, nonverifiable claims (cheap talk) can beliefs (and hence actions), and incentives for truthful revelation one receiver are affected by presence of other. We ask welfare is whether made public or private. As some above examples suggest, messages may be more credible than private addressed either audience. One possibility that audience discipline sender's relationship with other; call one-sided