Ambiguous language and common priors
نویسندگان
چکیده
منابع مشابه
Ambiguous language and common priors
Standard economic models cannot capture the fact that information is often ambiguous, and is interpreted in multiple ways. Using a framework that distinguishes between the language in which statements are made and the interpretation of statements, we demonstrate that, unlike in the case where there is no ambiguity, players may come to have different beliefs starting from a common prior, even if...
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Standard economic models cannot capture the fact that information is often ambiguous, and is interpreted in multiple ways. Using a framework that distinguishes between the language in which statements are made and the interpretation of statements, we show that ambiguity can have important consequences. We show that players can agree to disagree in the presence of ambiguity, even if there is a c...
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Article history: Received 30 November 2007 Available online 31 August 2011 JEL classification: D82 D83
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We show that the no betting characterisation of the existence of common priors over finite type spaces extends only partially to improper priors in the countably infinite state space context: the existence of a common prior implies the absence of a bounded agreeable bet, and the absence of a common improper prior implies the existence of a bounded agreeable bet. However, a type space that lacks...
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A necessary and sufficient condition for the existence of a common prior for several players is given in terms of the players’ present beliefs only. A common prior exists iff for each random variable it is common knowledge that all its iterated expectations converge to the same value; this value is its expectation with respect to the common prior. The proof is based on the presentation of type ...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2015
ISSN: 0899-8256
DOI: 10.1016/j.geb.2015.01.007