Common Priors and Separation of Convex Sets
AbstractWe observe that the set of all priors of an agent is the convex hull of his types. A prior common to all agents exists, if the sets of the agents' priors have a point in common. We give a necessary and sufficient condition for the non-emptiness of the intersection of several closed convex subsets of the simplex, which is an extension of the separation theorem. A necessary and sufficient condition for the existence of common prior is a special case of this.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 24 (1998)
Issue (Month): 1-2 (July)
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Web page: http://www.elsevier.com/locate/inca/622836
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- Giacomo Bonanno & Klaus Nehring, .
"Fundamental Agreement: A New Foundation For The Harsanyi Doctrine,"
Department of Economics, California Davis - Department of Economics
96-02, California Davis - Department of Economics.
- Klaus Nehring & Giacomo Bonanno & Massimiliano Marcellino, 2003. "Fundamental Agreement: A new foundation for the Harsanyi Doctrine," Working Papers, University of California, Davis, Department of Economics 962, University of California, Davis, Department of Economics.
- Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, Econometric Society, vol. 62(6), pages 1327-47, November.
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