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Consensus, Communication and Knowledge : an Extension with Bayesian Agents

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Abstract

We extend the result of Parikh and Krasucki [1990] to the case where the set of available decisions is arbitrary. We show that if agents are bayesian and choose the action that maximizes their expected utility, then word of mouth communication leads to the equality of all decisions.

Suggested Citation

  • Lucie Ménager, 2005. "Consensus, Communication and Knowledge : an Extension with Bayesian Agents," Cahiers de la Maison des Sciences Economiques v05031, Université Panthéon-Sorbonne (Paris 1), revised Jan 2006.
  • Handle: RePEc:mse:wpsorb:v05031
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    File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2005/V05031.pdf
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    References listed on IDEAS

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    1. Bacharach, Michael, 1985. "Some extensions of a claim of Aumann in an axiomatic model of knowledge," Journal of Economic Theory, Elsevier, vol. 37(1), pages 167-190, October.
    2. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
    3. Robert J Aumann, 1999. "Agreeing to Disagree," Levine's Working Paper Archive 512, David K. Levine.
    4. Krasucki, Paul, 1996. "Protocols Forcing Consensus," Journal of Economic Theory, Elsevier, vol. 70(1), pages 266-272, July.
    5. Parikh, Rohit & Krasucki, Paul, 1990. "Communication, consensus, and knowledge," Journal of Economic Theory, Elsevier, vol. 52(1), pages 178-189, October.
    6. Cave, Jonathan A. K., 1983. "Learning to agree," Economics Letters, Elsevier, vol. 12(2), pages 147-152.
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    Cited by:

    1. Rosenberg, Dinah & Solan, Eilon & Vieille, Nicolas, 2009. "Informational externalities and emergence of consensus," Games and Economic Behavior, Elsevier, vol. 66(2), pages 979-994, July.

    More about this item

    Keywords

    Consensus; common knowledge; word of mouth communication.;

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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