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Efficient communication, common knowledge, and consensus

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Author Info

  • Tsakas, Elias

    () (Department of Economics, School of Business, Economics and Law, Göteborg University)

  • Voorneveld, Mark

    () (Tilburg University, Department of Econometrics and Operations Research, The Netherlands)

Abstract

We study a model of pairwise communication in a finite population of Bayesian agents. We show that, in contrast with claims to the contrary in the existing literature, communication under a fair protocol may not lead to common knowledge of signals. We prove that commonly known signals are achieved if the individuals convey, in addition to their own message, the information about every individual’s most recent signal they are aware of. If the signal is a posterior probability about some event, common knowledge implies consensus.

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File URL: http://hdl.handle.net/2077/4576
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Bibliographic Info

Paper provided by University of Gothenburg, Department of Economics in its series Working Papers in Economics with number 255.

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Length: 15 pages
Date of creation: 18 Jun 2007
Date of revision:
Handle: RePEc:hhs:gunwpe:0255

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Postal: Department of Economics, School of Business, Economics and Law, University of Gothenburg, Box 640, SE 405 30 GÖTEBORG, Sweden
Phone: 031-773 10 00
Web page: http://www.handels.gu.se/econ/
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Keywords: Private information; communication; common knowledge; consensus;

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