The positive foundation of the common prior assumption
Abstract
The 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.Download Info
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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2003052.Length:
Date of creation: 00 Jul 2003
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Handle: RePEc:cor:louvco:2003052
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References listed on IDEASPlease report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Aviad Heifetz & Dov Samet, 1996.
"Topology-Free Typology of Beliefs,"
Game Theory and Information
9609002, EconWPA, revised 17 Sep 1996.
- Heifetz, Aviad & Samet, Dov, 1998. "Topology-Free Typology of Beliefs," Journal of Economic Theory, Elsevier, vol. 82(2), pages 324-341, October.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- 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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