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Common Priors and Separation of Convex Sets

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Author Info
Dov Samet (Faculty of Management Tel Aviv University)
Abstract

We observe that the set of all priors of an agent is the convex hull of his types. A prior common to all agents exists, if the sets of the agents' priors have a point in common. We give a necessary and sufficient condition for the non-emptiness of the intersection of several closed convex subsets of the simplex, which is an extension of the separation theorem. A necessary and sufficient condition for the existence of common prior is a special case of this.

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Publisher Info
Paper provided by EconWPA in its series Game Theory and Information with number 9701002.

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Length: 2 pages
Date of creation: 28 Jan 1997
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Handle: RePEc:wpa:wuwpga:9701002

Note: Type of Document - postscript; prepared on Unix; pages: 2
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Related research
Keywords: prior; common prior; types; separation theorem;

Find related papers by JEL classification:
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
F49 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Other
R38 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Government Policies; Regulatory Policies

References listed on IDEAS
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  1. Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, vol. 62(6), pages 1327-47, November. [Downloadable!] (restricted)
  2. Giacomo Bonanno & Klaus Nehring, . "Fundamental Agreement: A New Foundation For The Harsanyi Doctrine," Department of Economics 96-02, California Davis - Department of Economics. [Downloadable!]
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This page was last updated on 2009-12-2.

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