The positive foundation of the common prior assumption
AbstractThe existence of a common prior is a property of the state space used to model the players' incomplete information. We show that this property is not just a technical artifact of the model, but that it is immanent to the players' beliefs. To this end, we devise a condition, phrased solely in terms of the players' mutual beliefs about the basic, objective issues ofpossible uncertainty, which is equivalent to the existence of a common prior. This condition specifies a procedure of enquiry addressed to the players, which detects when there is no common prior among them.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2003052.
Date of creation: 00 Jul 2003
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- Aviad Heifetz & Dov Samet, 1996.
"Topology-Free Typology of Beliefs,"
Game Theory and Information
9609002, EconWPA, revised 17 Sep 1996.
- Barton L. Lipman, 2005.
"Finite Order Implications of Common Priors in Infinite Models,"
Boston University - Department of Economics - Working Papers Series
WP2005-009, Boston University - Department of Economics.
- Lipman, Barton L., 2010. "Finite order implications of common priors in infinite models," Journal of Mathematical Economics, Elsevier, vol. 46(1), pages 56-70, January.
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