Aggregate information, common knowledge, and agreeing not to bet
I consider a gamble where the sum of the distributed payoffs is proportionate to the number of participants. I show that no subset of the population can agree to participate in the bet, if the size of the group is commonly known. Repeated announcements of the number of the participants leads the population to agree not to bet.
|Date of creation:||18 Jun 2007|
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393R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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CEPR Financial Markets Paper
0003, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ..
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- Brandenburger, Adam & Dekel, Eddie, 1987. "Common knowledge with probability 1," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 237-245, June.
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