In game theory, cheap talk is communication between players which does not directly affect the payoffs of the game.
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| - In game theory, cheap talk is communication between players which does not directly affect the payoffs of the game. This is in contrast to signaling in which sending certain messages may be costly for the sender depending on the state of the world. The classic example is of an expert if both players announce football or both players announce opera, play opera. if both players announce different entertainment options, play football.It is not guaranteed, however, that cheap talk will have an effect on equilibrium payoffs. Another game, the Prisoner's Dilemma, is a game whose only equilibrium is in dominant strategies. Any pre-play cheap talk will be ignored and players will play their dominant strategies (Defect,Defect) regardless of the messages sent. (en)
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| - In game theory, cheap talk is communication between players which does not directly affect the payoffs of the game. (en)
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