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Communication, consensus and order. Who wants to speak first ?

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  • Nicolas Houy

    (COE - Institute of Economic Research)

  • Lucie Ménager

    ()
    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Paris I - Panthéon-Sorbonne)

Abstract

Parikh and Krasucki [1990] showed that if rational agents communicate the value of a function f according to a protocol upon which they have agreed beforehand, they will eventually reach a consensus about the value of f, provided a fairness condition on the protocol and a convexity condition on the function f. In this article, we address the issue of how agents agree on a communication protocol in the case where they communicate in order to learn information. We show that if it is common knowledge among a group of agents that some of them disagree about two protocols, then the consensus value of f must be the same according to the two protocols.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00194365.

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Date of creation: Feb 2005
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Handle: RePEc:hal:cesptp:halshs-00194365

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Keywords: Common knowledge; consensus; communication protocol.;

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References

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  1. Scharfstein, David S & Stein, Jeremy C, 1990. "Herd Behavior and Investment," American Economic Review, American Economic Association, American Economic Association, vol. 80(3), pages 465-79, June.
  2. Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections With Private Information," Levine's Working Paper Archive 1560, David K. Levine.
  3. V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
  4. Gul, Faruk & Lundholm, Russell, 1995. "Endogenous Timing and the Clustering of Agents' Decisions," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(5), pages 1039-66, October.
  5. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, Elsevier, vol. 28(1), pages 192-200, October.
  6. Chamley, Christophe & Gale, Douglas, 1994. "Information Revelation and Strategic Delay in a Model of Investment," Econometrica, Econometric Society, Econometric Society, vol. 62(5), pages 1065-85, September.
  7. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 639, Cowles Foundation for Research in Economics, Yale University.
  8. Robert J Aumann, 1999. "Agreeing to Disagree," Levine's Working Paper Archive 512, David K. Levine.
  9. Parikh, Rohit & Krasucki, Paul, 1990. "Communication, consensus, and knowledge," Journal of Economic Theory, Elsevier, Elsevier, vol. 52(1), pages 178-189, October.
  10. Cave, Jonathan A. K., 1983. "Learning to agree," Economics Letters, Elsevier, Elsevier, vol. 12(2), pages 147-152.
  11. Marco Ottaviani & Peter Norman Sorensen, 2002. "Professional Advice: The Theory of Reputational Cheap Talk," Discussion Papers, University of Copenhagen. Department of Economics 02-05, University of Copenhagen. Department of Economics.
  12. Krasucki, Paul, 1996. "Protocols Forcing Consensus," Journal of Economic Theory, Elsevier, Elsevier, vol. 70(1), pages 266-272, July.
  13. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 12(3), pages 151-170, Summer.
  14. Bacharach, Michael, 1985. "Some extensions of a claim of Aumann in an axiomatic model of knowledge," Journal of Economic Theory, Elsevier, Elsevier, vol. 37(1), pages 167-190, October.
  15. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, Elsevier, vol. 81(3), pages 393-421, September.
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Cited by:
  1. Tsakas, Elias & Voorneveld, Mark, 2011. "On consensus through communication without a commonly known protocol," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 733-739.

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