Because communication requires both a talker and a listener and it takes time and energy for the listener to process information. So it may be cheap to talk but it is costly to listen.
But then the cost of listening implies that there is an opportunity cost to everything you say. Because you can only say so much and still be listened to. They won’t drink from a firehose.
When you want to be listened to you have an incentive to ration what you say, and therefore the mere fact that you chose to say something conveys information about how valuable it was to you to have it heard. There is no babbling because babbling isn’t worth it.
I also believe that this is a key friction determining the architecture of social networks. Who talks and who listens to whom? The efficient structure economizes on the cost of listening. It is efficient to have a small number of people who specialize in listening to many sources then selectively “curating” and rebroadcasting specialized content. End-listeners are spared the cost of filtering. The economic question is whether the private and social incentives are aligned for someone who must ration his output in order to attract listeners.


11 comments
Comments feed for this article
November 11, 2010 at 4:19 am
Fernando Fuster-Fabra Fdz.
Unfortunately, for decades, salesmen & marketing professionals were taught how to speak out to sell themselves and their products but little was told them about the ‘art of listening’. Only salesmen and marketers with an insight took from deep inside their unconciously know-how on listening to really succeed.
Indeed, you are right. There is no such thing as cheap talk. Every word counts. As an expert in NLP, I have found that ‘filtering thoughts’ before spitting them out into verbal language can prove very profitable, especially if you have likewise synchronized your non-verbal language to best persuade your interlocutor in any conversations of whatever nature.
November 11, 2010 at 6:15 am
leaandkate
Sometimes talk has a literal accounting cost, not just an economic cost – like for example on tumblr how you can get your post on the blog on the first page of the directory for $9
Getting people to pay real money for something with absolutely no cost to the producer for basically a fake product is a feature of the internet that will always continue to astound me.
November 11, 2010 at 7:09 am
Tom Slee
I wish I agreed with you. But isn’t your model a single-producer, single-consumer one? In that case, it may be worth rationing one’s own output. But in a multi-producer case where there is competition for the ears of the listener, silence becomes a commons that would require collective action to sustain.
“There is no babbling because babbling isn’t worth it.” – Are you sure about those first four words?
November 11, 2010 at 9:13 am
jeff
Tom, thanks for your comment. Babbling is a term of art that means talking without changing any beliefs. So almost by definition babbling isn’t worth it. Your last question is rhetorically pointing out that we do see a lot of talk that would be best referred to as babbling. I think the resolution is that in practice a lot of talk has no information but still changes beliefs. This has to do with crafty talkers and naive listeners.
And yes, the issue in your first paragraph is exactly what i was getting at when i was referring to the “economic question.”
November 11, 2010 at 8:23 am
hbi
There’s actually a few papers on related ideas: on who listens to whom Torun Dewan and David Myatt have some work on leadership and what makes for good leaders (if I remember correctly, in their global game approach, it turns out that being clear helps a lot … but you might want to be a little obscure so that your followers don’t have spare attention to devote to others!) There’s also a Dewatripont-Tirole paper on communication where a sender might invest in speaking clearly and the receiver might invest in listening attentively.
November 11, 2010 at 9:13 am
jeff
Thank you!
November 11, 2010 at 12:09 pm
Nageeb Ali
Isn’t the babbling equilibrium merely replaced by one with babble + no listening? Let’s take a set-up in which the receiver (R) pays a cost to see what message has been sent by the Sender (S). If R decides that she won’t bear the cost to see the message that S sends (because S doesn’t send anything informative), then S faces no cost from babbling.
I’m not expecting you to respond to this comment (given the cost of listening), but I do expect to see a few more hits on my webpage today.
November 12, 2010 at 11:45 am
jeff
nageeb, i clicked on your link three times for good measure.
yes, babbling doesn’t go away so easily. i am thinking of a model where you have an installed audience already and the relationship is such that you internalize some fraction of any costs you impose on them (because say you will lose some of them if listening to you becomes too costly.)
and suppose that there is always a chance that you just can’t talk today. so silence happens with positive probability in equilibrium. then if you are going to be uninformative your preferred way to do it is to be silent.
this removes “babbling” but not uninformative communication (i.e. silence) but what silence gives us is the unsent message that refinements usually need. so there is a little more power to refinement arguments than usual in cheap talk models.
November 11, 2010 at 2:30 pm
Donald A. Coffin
Mose Allison wouldn’t agree that there is no cheap talk:
You’re sitting there yakkin’ right in my face
I guess I’m gonna have to put you in your place
Y’know if silence was golden
You couldn’t raise a dime
Because your mind is on vacation and your mouth is working overtime
You’re quoting figures, you’re dropping names
You’re telling stories about the dames
You’re always laughin’ when things ain’t funny
You try to sound like you’re big money
If talk was criminal, you’d lead a life of crime
Because your mind is on vacation and your mouth is working overtime
You know that life is short and talk is cheap
Don’t be making promises that you can’t keep
If you don’t like the song I’m singing, just grin and bear it
All I can say is if the shoe fits wear it
If you must keep talking please try to make it rhyme
Cause your mind is on vacation and your mouth is working overtime
http://www.justsomelyrics.com/1531089/Mose-Allison-Your-Mind-Is-on-Vacation-Lyrics
November 12, 2010 at 4:39 pm
rd
social networks or media markets? guess they’re blending together.. and blogs are in middle. so you raise the question, are blogs efficient – which is a good 1 i think
December 30, 2010 at 5:15 am
Andrew
http://feedproxy.google.com/~r/DilbertDailyStrip/~3/CeIJ2m5w6j4/