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Informational Puts

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  • Andrew Koh
  • Sivakorn Sanguanmoo
  • Kei Uzui

Abstract

We fully characterize how dynamic information should be provided to uniquely implement the largest equilibrium in dynamic binary-action supermodular games. The designer offers an informational put: she stays silent in good times, but injects asymmetric and inconclusive public information if players lose faith. There is (i) no multiplicity gap: the largest (partially) implementable equilibrium can be implemented uniquely; and (ii) no intertemporal commitment gap: the policy is sequentially optimal. Our results have sharp implications for the design of policy in coordination environments.

Suggested Citation

  • Andrew Koh & Sivakorn Sanguanmoo & Kei Uzui, 2024. "Informational Puts," Papers 2411.09191, arXiv.org.
    • Handle: RePEc:arx:papers:2411.09191
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    File URL: http://arxiv.org/pdf/2411.09191
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