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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 two-person games in which one side is better informed than the other and cheap talk is permitted.
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Aumann et al. (2003) studied this question.
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