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Agreement theorem for neo-additive beliefs

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  • Adam Dominiak

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  • Jean-Philippe Lefort

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    Abstract

    In this paper, we extend Aumann’s (Ann Stat 4:1236–1239, 1976 ) probabilistic agreement theorem to situations in which agents’ prior beliefs are represented by a common neo-additive capacity. In particular, we characterize the family of updating rules for neo-additive capacities, which are necessary and sufficient for the impossibility of “agreeing to disagree” on the values of posterior capacities as well as on the values of posterior Choquet expectations for binary acts. Furthermore, we show that generalizations of this result to more general acts are impossible. Copyright Springer-Verlag 2013

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 52 (2013)
    Issue (Month): 1 (January)
    Pages: 1-13

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    Handle: RePEc:spr:joecth:v:52:y:2013:i:1:p:1-13

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    Related research

    Keywords: Ambiguity; Neo-additive capacities; Choquet expected utility; Asymmetric information; Common knowledge; Agreement theorem; D70; D81; D82;

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    References

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    1. David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
    2. Eichberger, Jürgen & Kelsey, David, 2008. "Are the Treasures of Game Theory Ambiguous?," Sonderforschungsbereich 504 Publications 08-08, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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    7. Grant, Simon & Eichberger, Jürgen & Kelsey, David, 2004. "CEU Preferences and Dynamic Consistency," Sonderforschungsbereich 504 Publications 04-47, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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    14. Chateauneuf, Alain & Eichberger, Jürgen & Grant, Simon, 2003. "Choice under Uncertainty with the Best and Worst in Mind: Neo-additive Capacities," Sonderforschungsbereich 504 Publications 03-10, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
    15. Kim Border & Paolo Ghirardato & Uzi Segal, 2008. "Unanimous subjective probabilities," Economic Theory, Springer, vol. 34(2), pages 383-387, February.
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    Cited by:
    1. Alexander Zimper, 2013. "On the impossibility of insider trade in rational expectations equilibria," Working Papers 399, Economic Research Southern Africa.

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