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Speculative Trade under Unawareness: The Infinite Case

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Author Info

  • Martin Meier
  • Burkhard C. Schipper

    (Department of Economics, University of California Davis)

Abstract

We generalize the ``No-speculative-trade" theorem for finite unawareness belief structures in Heifetz, Meier, and Schipper (2013) to the infinite case.

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Bibliographic Info

Paper provided by University of California, Davis, Department of Economics in its series Working Papers with number 102.

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Length: 15
Date of creation: 26 Aug 2013
Date of revision:
Handle: RePEc:cda:wpaper:10-2

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Related research

Keywords: Awareness; unawareness; speculation; trade; agreement; common prior; common certainty;

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References

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  1. HEIFETZ, Aviad & MEIER, Martin & SCHIPPER, Burkhard C., 2004. "Interactive unawareness," CORE Discussion Papers 2004059, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Burkhard C. Schipper & Martin Meier & Aviad Heifetz, 2005. "A Canonical Model for Interactive Unawareness," Working Papers 57, University of California, Davis, Department of Economics.
  3. Aviad Heifetz & Martin Meier & Burkhard C. Schipper, 2009. "Unawareness, Beliefs and Speculative Trade," Working Papers 920, University of California, Davis, Department of Economics.
  4. Monderer, Dov & Samet, Dov, 1989. "Approximating common knowledge with common beliefs," Games and Economic Behavior, Elsevier, vol. 1(2), pages 170-190, June.
  5. Heifetz, Aviad, 2006. "The positive foundation of the common prior assumption," Games and Economic Behavior, Elsevier, vol. 56(1), pages 105-120, July.
  6. Paul Milgrom & Nancy L.Stokey, 1979. "Information, Trade, and Common Knowledge," Discussion Papers 377R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Feinberg, Yossi, 2000. "Characterizing Common Priors in the Form of Posteriors," Journal of Economic Theory, Elsevier, vol. 91(2), pages 127-179, April.
  8. Oliver Board, 2008. "Object-Based Unawareness: Theory and Applications," Working Papers 378, University of Pittsburgh, Department of Economics, revised Mar 2009.
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Citations

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Cited by:
  1. Spyros Galanis, 2013. "Unawareness of theorems," Economic Theory, Springer, vol. 52(1), pages 41-73, January.
  2. Aviad Heifetz & Martin Meier & Burkhard Schipper, 2011. "Unawareness, Beliefs, and Speculative Trade," Working Papers 118, University of California, Davis, Department of Economics.
  3. Schipper, Burkhard C, 2010. "Revealed Unawareness," MPRA Paper 21491, University Library of Munich, Germany.
  4. Burkhard Schipper, 2011. "Awareness-Dependent Subjective Expected Utility," Working Papers 1022, University of California, Davis, Department of Economics.
  5. Schipper, Burkhard C, 2011. "Preference-Based Unawareness," MPRA Paper 30221, University Library of Munich, Germany.

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