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14. How to Solve for Perfect Bayesian Equilibrium: Signalling Games (Game Theory Playlist 10)

Remark: Please note that there is a TYPO in 21.05, when I write the pooling strategy profile: Player 2's strategy must be D not U as I already argue this minutes prior writing the strategy profile. In this episode we apply Requirements 1- 4 that we learned in episodes 5 - 10 to solve for perfect Bayesian equilibrium. The game we use here is an extensive form game with incomplete but perfect information. This example is relatively more complicated than the games we studied in episodes 11-13. It is very similar to the one we studied in episode 12, but this once is more complicated because Player 2 doesn't have dominant strategies. This game is a standard example of a large family of games that we call Signalling Games. In signalling games we categorize perfect Bayesian equilibrium as Pooling and Separating. In this episode we define what pooling and separating equilibrium are. You can use these concepts and apply the same logic to solve PBE of any signalling game. IIt's crucial to watch lecture videos in the proper order to ensure effective learning. This is because the concepts in each video build upon those introduced in previous videos. To help you with this, I recommend visiting my website, www.selcukozyurt.com, for a recommended course outline.