Common Knowledge in Economics
نویسنده
چکیده
The most interesting economic environments involve more than one agent. In such situations agents must think not only about what they know, but also about what the others know. Nobody can buy stock unless somebody else is selling it. If the buyer has information suggesting the price will go up, perhaps he should consider that the seller might have information indicating that the price will go down. If the buyer further considers that the seller is willing to sell the stock having also taken into account that the buyer is willing to purchase the stock, should he still buy? Does the answer depend on how rational the agents are? For example, suppose one of them always ignores unpleasant news. Does that affect the chances for a sale?
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