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Finitely additive beliefs and universal type spaces

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  • MEIER, Martin

Abstract

In this paper we examine the existence of a universal (to be precise: terminal) type space when beliefs are described by finitely additive probability measures. We find that in the category of all type spaces that satisfy certain measurability conditions (-measurability, for some fixed regular cardinal ), there is a universal type space (i.e. a terminal object, that is a type space to which every type space can be mapped in a unique beliefs-preserving way (the morphisms of our category, the so-called type morphisms)), while, by an probabilistic adaption of the elegant sober-drunk example of Heifetz and Samet (1998a), we show that if all subsets of the spaces are required to be measurable there is no universal type space.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2002075.

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Date of creation: 00 Dec 2002
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Handle: RePEc:cor:louvco:2002075

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Cited by:
  1. Miklós Pintér, 2005. "A game theoretic application of inverse limit," Game Theory and Information 0503006, EconWPA, revised 14 Mar 2005.
  2. Friedenberg, Amanda, 2010. "When do type structures contain all hierarchies of beliefs?," Games and Economic Behavior, Elsevier, vol. 68(1), pages 108-129, January.

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