Evaluating the Impact of Third-Party Intermediaries in Disclosure Game

Graduate School of Economics, Waseda University

with Yoshio KAMIJO

This research is based on the most fundamental disclosure game model and introduces two more realistic signal generation mechanisms (average signals and estimation signals) by neutral Third-Party Intermediaries. On the basis of theoretical analysis, a 2x2 treatment experiment was designed. The experimental results show that when information is scarce, the receiver tends to overguess, while when the information is more abundant, there is a tendency for “excessive suspicion”. In terms of the receiver's overall benefit, the two-signal mechanism is more advantageous than the one-signal mechanism, while average signals and estimation signals did not show significant differences. As for the sender, no significant differences in payoff loss were found across the four treatments.