An abstract two-period game with simultaneous signaling -- existence of separating equilibria (Q1113813)

Consider the following game: There are n agents, each with private information, simultaneously choosing actions in each of two periods. Agents revise their beliefs after observing first-period actions and before choosing second-period actions. In a separating equilibrium, all private information is revealed in the first period. Existence of separating equilibria is demonstrated under (almost) the same set of assumptions which guarantee it in each of the n one-sides signaling games (where only one agent has private information payoff relevant in the second period). The simultaneity of decisions leads to a substantial technical difficulty which must be overcome.