In standard game theory, cheap talk:
A) will fool all the players into cooperating.
B) doesn't affect the outcome of the game.
C) benefits only trustworthy people.
D) changes the payoffs.

Question

Quizplus · Accepted Answer

Cheap talk refers to communication between players that does not directly affect the payoffs or outcomes of the game. It is non-binding and costless, meaning it does not alter the strategic structure or payoffs of the game.

In Standard Game Theory, Cheap Talk