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Learning and Belief-Based Trade

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Author Info

  • Drew Fudenberg
  • David K Levine

Abstract

We use the theory of learning in games to show that no-trade results do not require that gains from trade are common knowledge nor that play is a Nash Equilibrium.

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Bibliographic Info

Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía-Latin American Journal of Economics.

Volume (Year): 42 (2005)
Issue (Month): 126 ()
Pages: 199-208

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Handle: RePEc:ioe:cuadec:v:42:y:2005:i:126:p:199-208

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Related research

Keywords: No-Trade Theorem; Common Knowledge; Learning; Self-Confirming Equilibria; Marginal Best-Response Distribution;

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  1. Fudenberg, Drew & Levine, David K., 1995. "Consistency and cautious fictitious play," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1065-1089.
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Cited by:
  1. Philip Bond & Hulya Eraslan, 2007. "Information-based trade," Levine's Bibliography 122247000000001689, UCLA Department of Economics.
  2. Felipe Zurita, 2004. "Beyond Earthquakes: The New Directions of Expected Utility Theory," Documentos de Trabajo 260, Instituto de Economia. Pontificia Universidad Católica de Chile..
  3. Felipe Zurita, 2004. "Essays on Speculation," Levine's Working Paper Archive 618897000000000849, David K. Levine.

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