Common Priors and Markov Chains

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Common Priors and Markov Chains

Author Info

Dov Samet (Faculty of Mnangement Tel Aviv University)

Abstract

The type function of an agent, in a type space, associates with each state a probability distribution on the type space. Thus, a type function can be considered as a Markov chain on the state space. A common prior for the space turns out to be a probability distribution which is invariant under the type functions of all agents. Using the Markovian structure of type spaces we show that a necessary and sufficient condition for the existence of a common prior is that for each random variable it is common knowledge that all its joint averagings converge to the same value.

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Paper provided by EconWPA in its series Game Theory and Information with number 9610008.

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Length: 8 pages
Date of creation: 21 Oct 1996
Date of revision:
Handle: RePEc:wpa:wuwpga:9610008

Note: Type of Document - postscript; prepared on unix; pages: 8
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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

References listed on IDEAS
Please 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.:

Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
Other versions:
- Harsanyi, John C., 1994. "Games with Incomplete Information," Nobel Prize in Economics documents 1994-1, Nobel Prize Committee. [Downloadable!]
Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, vol. 62(6), pages 1327-47, November. [Downloadable!] (restricted)
Giacomo Bonanno & Klaus Nehring, . "Fundamental Agreement: A New Foundation For The Harsanyi Doctrine," Department of Economics 96-02, California Davis - Department of Economics. [Downloadable!]

Full references

Cited by:
(explanations, Please 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.)

Matthew O. Jackson & Ehud Kalai & Rann Smorodinsky, 1998. "Bayesian Representation of Stochastic Processes under Learning: de Finetti Revisited," Discussion Papers 1228, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
Other versions:
- Matthew O. Jackson & Ehud Kalai & Rann Smorodinsky, 1999. "Bayesian Representation of Stochastic Processes under Learning: de Finetti Revisited," Econometrica, Econometric Society, vol. 67(4), pages 875-894, July.
Matthew O. Jackson & Ehud Kalai & Rann Smorodinsky, 1997. "Patterns, Types, and Bayesian Learning," Game Theory and Information 9711002, EconWPA. [Downloadable!]
Other versions:
- Matthew O. Jackson & Ehud Kalai & Rann Smorodinsky, 1997. "Patterns, Types, and Bayesian Learning," Discussion Papers 1177, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]

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