IMI Kolkata had the honour of hosting Prof. Indrajit Ray, a distinguished economist and Professor at Cardiff Business School, Cardiff University, UK, for the engaging session about the dynamics of ‘Cheap Talk and Coordination’. The offering provided profound insights into how cost-free, unverifiable communication influences decision-making and planning.
Prof. Ray illustrated the significance of consciously revealing thoughts, especially in scenarios like the “battle of sexes,” where coordination plays a critical role. He highlighted how, in experiments, participants begin with low and high signals before planning strategies, emphasizing that truth-telling, while pivotal, can entail an implicit cost—what he aptly coined as a “sacrifice.”
The session provided attendees with a deeper understanding of the subtle complexities of communication and coordination.
