Quid pro quo: Friendly information exchange between rivals
研究了竞争对手之间通过披露进行信息交换的可能性,即使一方获利必然导致另一方受损,均衡中仍可发生信息交换,动机包括互惠披露和从对方不行动中学习。
We show that information exchange via disclosure is possible in equilibrium even when it is certain that whenever one party learns the truth, the other loses. The incentive to disclose results either from an expectation of disclosure being reciprocated—the quid pro quo motive—or from the possibility of learning from the rival's failure to act in response to a disclosure—the screening motive. Alternating and gradual disclosures are generally indispensable for information exchange and the number of disclosure rounds grows without bound if the agents' initial information becomes sufficiently diffuse; in that sense, the less informed agents are, the more they talk. Patient individuals can achieve efficiency by means of continuous alternating disclosures of limited amounts of information. This provides a rationale for protracted dialogues.