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Two Remarks on the Infinite Approximation of a Finite World in Economic Models

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  • Shravan Luckraz

Abstract

While the assumption of infinity is prevalent in almost every area of economics, for two well‐known frameworks in decision theory, we note some fundamental differences between the finite versions and their infinite counterpart. The first is on the usage of mixed strategies in finite games, while the second is on a characterization of the truth axiom in models of information and knowledge, where the properties of belief can be related to the properties of preference.

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  • Shravan Luckraz, 2022. "Two Remarks on the Infinite Approximation of a Finite World in Economic Models," Journal of Mathematics, John Wiley & Sons, vol. 2022(1).
    • Handle: RePEc:wly:jjmath:v:2022:y:2022:i:1:n:2457746
    DOI: 10.1155/2022/2457746
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    References listed on IDEAS

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    1. Epstein, Larry G & Wang, Tan, 1996. ""Beliefs about Beliefs" without Probabilities," Econometrica, Econometric Society, vol. 64(6), pages 1343-1373, November.
    2. Philip J. Reny, 1999. "On the Existence of Pure and Mixed Strategy Nash Equilibria in Discontinuous Games," Econometrica, Econometric Society, vol. 67(5), pages 1029-1056, September.
    3. Morris, Stephen, 1996. "The Logic of Belief and Belief Change: A Decision Theoretic Approach," Journal of Economic Theory, Elsevier, vol. 69(1), pages 1-23, April.
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    Cited by:

    1. Shravan Luckraz, 2022. "On a Fixed Point Theorem for General Multivalued Mappings on Finite Sets with Applications in Game Theory," Journal of Mathematics, John Wiley & Sons, vol. 2022(1).

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