Sufficient conditions for Nash equilibrium in an 'n'-person game are given in terms of what the players know and believe - about the game, and about each other's rationality, actions, knowledge, and beliefs. Mixed strategies are treated not as conscious randomizations, but as conjectures, on the...

With cheap talk, more can be achieved by long conversations than by a single message-even when one side is strictly better informed than the other. ("Cheap talk" means plain conversation-unmediated, nonbinding, and payoff-irrelevant.) This work characterizes the equilibrium payoffs for all...

A global game is an incomplete information game where the actual payoff structure is determined by a random draw from a given class of games and where each player makes a noisy observation of the selected game. For 2 x 2 games, it is shown that, when the noise vanishes, iterated elimination of...