Business Language for Agents with Asymmetric Perceptions
AbstractThis paper addresses the relationship between individual perceptions and the uses of a business language. Perceptions are modeled explicitly, and are not common knowledge. A business language enables individuals with different perceptions to trade. I present a formal criterion for faithfulness of the business language among heterogeneous agents. Roughly, the language is heterogeneously faithful if different agents who observe the same real-world object can perceive it in a way that leads them to make the same report. Different business languages lead to different possible equilibria, and thus can be Pareto-ranked. In particular, heterogeneously faithful languages are compared with one where agents can fully disclose what they perceive
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Bibliographic InfoPaper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 225.
Date of creation: 11 Aug 2004
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Reporting; Faithfulness; Full Disclosure; Perceptions;
Find related papers by JEL classification:
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
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- Stecher, Jack D., 2006. "The Nonequivalence of the Earnings and Dividends Approaches to Equity Valuation," Discussion Papers 2006/1, Department of Business and Management Science, Norwegian School of Economics.
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