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Common Priors and Separation of Convex Sets

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  • 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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File URL: http://128.118.178.162/eps/game/papers/9701/9701002.ps.gz
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Bibliographic 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
Date of revision:
Handle: RePEc:wpa:wuwpga:9701002

Note: Type of Document - postscript; prepared on Unix; pages: 2
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Web page: http://128.118.178.162

Related research

Keywords: prior; common prior; types; separation theorem;

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  1. Giacomo Bonanno & Klaus Nehring, . "Fundamental Agreement: A New Foundation For The Harsanyi Doctrine," Department of Economics 96-02, California Davis - Department of Economics.
  2. Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, vol. 62(6), pages 1327-47, November.
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