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

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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.

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  • Peter A. Streufert, 2003. "Products of Representations Characterize the Products of Dispersions and the Consistency of Beliefs," University of Western Ontario, Departmental Research Report Series 20039, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:20039
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    Cited by:

    1. Peter A. Streufert, 2006. "Products of Several Relative Probabilities," University of Western Ontario, Departmental Research Report Series 20061, University of Western Ontario, Department of Economics.
    2. Peter A. Streufert, 2005. "Two Characterizations of Consistency," University of Western Ontario, Departmental Research Report Series 20052, University of Western Ontario, Department of Economics.

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    More about this item

    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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