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Approximate Common Knowledge Revisited

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  • Stephen Morris

Abstract

Suppose we replace "knowledge" by "belief with probability p" in standard definitions of common knowledge. Very different notions arise depending on the exact definition of common knowledge used in the substitution. This paper demonstrates those differences and identifies which notion is relevant in each of three contexts: equilibrium analysis in incomplete information games, best response dynamics in incomplete information games, and agreeing to disagree/no trade results.

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Paper provided by Penn Economics Department in its series Penn CARESS Working Papers with number 6be11f49fbded40b2a623aebfa5361c6.

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Handle: RePEc:cla:penntw:6be11f49fbded40b2a623aebfa5361c6

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Cited by:
  1. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2006. "Common Learning," Cowles Foundation Discussion Papers 1575R, Cowles Foundation for Research in Economics, Yale University, revised Jun 2007.
    • Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2008. "Common Learning," Econometrica, Econometric Society, vol. 76(4), pages 909-933, 07.
  2. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2011. "Common Learning with Intertemporal Dependence," PIER Working Paper Archive 11-012, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  3. Christian Schmidt, 2006. "Quelques points de rencontre entre ├ęconomistes et psychologues," Revue ├ęconomique, Presses de Sciences-Po, vol. 57(2), pages 242-257.
  4. Robin Hanson, 2003. "For Bayesian Wannabes, Are Disagreements Not About Information?," Theory and Decision, Springer, vol. 54(2), pages 105-123, March.
  5. Wilson Perez, 2004. "Divide and Conquer: Noisy Communication in Networks, Power, and Wealth Distribution," Working Papers 2004.33, Fondazione Eni Enrico Mattei.

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