In signaling games, an informed sender moves first. Their action may "signal" information about the sender's type to an uniformed receiver who then acts based on an updated belief.

Typical signaling games are the Spence (1973) education model and the Beer-Quiche game by Cho & Krebs (1987). Signaling games usually have many Perfect Bayesian equilibria which are grouped into pooling and separating equilibria (and hybrids thereof). Because of this multiplicity a large literature on equilibrium refinements, such as the intuitive criterion or divinity, has emerged.