Common Priors and Separation of Convex Sets
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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References listed on IDEAS
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- Klaus Nehring & Giacomo Bonanno & Massimiliano Marcellino, 2003.
"Fundamental Agreement: A new foundation for the Harsanyi Doctrine,"
962, University of California, Davis, Department of Economics.
- Giacomo Bonanno & Klaus Nehring, . "Fundamental Agreement: A New Foundation For The Harsanyi Doctrine," Department of Economics 96-02, California Davis - Department of Economics.
- 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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