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Approximate Common Knowledge Revisited

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  • Morris, S.

Abstract

Suppose, we replace "knowledge" by "belief with probability p" in standard definitions of common knowledge. Very different notions arise depending on the exact definition of common knowledge used in the substitution. This paper demonstrates those diffrences and identifies which notion is relevant in each of three contexts: equilibrium analysis in incomplete information games, best response dynamics in incomplete information games, and agreeing to disagree/no trade results.

Suggested Citation

  • Morris, S., 1999. "Approximate Common Knowledge Revisited," Papers 987r, Yale - Economic Growth Center.
    • Handle: RePEc:fth:yalegr:987r
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    Cited by:

    1. Robin Hanson, 2003. "For Bayesian Wannabes, Are Disagreements Not About Information?," Theory and Decision, Springer, vol. 54(2), pages 105-123, March.
    2. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2008. "Common Learning," Econometrica, Econometric Society, vol. 76(4), pages 909-933, July.
    3. Martin Cripps & Jeffrey Ely & George Mailath & Larry Samuelson, 2013. "Common learning with intertemporal dependence," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(1), pages 55-98, February.
    4. Christian Schmidt, 2006. "Quelques points de rencontre entre économistes et psychologues," Revue économique, Presses de Sciences-Po, vol. 57(2), pages 242-257.
    5. Stephen Morris & Hyun Song Shin, 2012. "Contagious Adverse Selection," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 1-21, January.
    6. Cy Maor & Eilon Solan, 2015. "Cooperation under incomplete information on the discount factors," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(2), pages 321-346, May.
    7. Wilson Perez, 2004. "Divide and Conquer: Noisy Communication in Networks, Power, and Wealth Distribution," Working Papers 2004.33, Fondazione Eni Enrico Mattei.
    8. Romeo Matthew Balanquit, 2016. "Common Belief Revisited," UP School of Economics Discussion Papers 201608, University of the Philippines School of Economics.

    More about this item

    Keywords

    INFORMATION ; GAME THEORY;

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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