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Products of Representations Characterize the Products of Dispersions and the Consistency of Beliefs

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  • Peter A. Streufert

Abstract

A "dispersion" specifies the relative probability between any two elements of a finite domain. It thereby partitions the domain into equivalence classes separated by infinite relative probability. The paper's novelty is to numerically represent not only the order of the equivalence classes, but also the "magnitude" of the gaps between them. The paper's main theorem is that the many products of two dispersions are characterized algebraically by varying the magnitudes of the gaps between each factor's equivalence classes. An immediate corollary is that the many beliefs consistent with two strategies are characterized by varying each player's "steadiness" in avoiding various zero-probability options

Suggested Citation

  • Peter A. Streufert, 2004. "Products of Representations Characterize the Products of Dispersions and the Consistency of Beliefs," Econometric Society 2004 North American Summer Meetings 548, Econometric Society.
  • Handle: RePEc:ecm:nasm04:548
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    References listed on IDEAS

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    1. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-894, July.
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    5. Kohlberg, Elon & Reny, Philip J., 1997. "Independence on Relative Probability Spaces and Consistent Assessments in Game Trees," Journal of Economic Theory, Elsevier, vol. 75(2), pages 280-313, August.
    6. Kreps, David M & Ramey, Garey, 1987. "Structural Consistency, Consistency, and Sequential Rationality," Econometrica, Econometric Society, vol. 55(6), pages 1331-1348, November.
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    Cited by:

    1. Peter A. Streufert, 2005. "Two Characterizations of Consistency," UWO Department of Economics Working Papers 20052, University of Western Ontario, Department of Economics.
    2. Peter A. Streufert, 2006. "Products of Several Relative Probabilities," UWO Department of Economics Working Papers 20061, University of Western Ontario, Department of Economics.

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    More about this item

    Keywords

    consistent beliefs; relative probability;

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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