Showing 1 - 10 of 11,212
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are … desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define … restricted from higher to lower awareness levels. We use our unawareness belief structure to show that the common prior …
Persistent link: https://www.econbiz.de/10003728030
, and which satisfies strong properties of knowledge as well as all the desiderata on unawareness proposed this far in the … literature. In an example of speculative trade, we demonstrate how mutual unawareness of fundamentals allows for common knowledge …The standard state-spaces of asymmetric information preclude non- trivial forms of unawareness (Dekel, Lipman and …
Persistent link: https://www.econbiz.de/10010263088
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are … desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define … restricted from higher to lower awareness levels. We use our unawareness belief structure to show that the common prior …
Persistent link: https://www.econbiz.de/10010276586
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are … desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define … restricted from higher to lower awareness levels. We use our unawareness belief structure to show that the common prior …
Persistent link: https://www.econbiz.de/10010276636
I study how choice behavior given unawareness of an event differs from choice behavior given subjective belief of zero … probability on that event. Depending on different types of unawareness the decision-maker suffers, behavior under unawareness is … either incomparable with that under zero probability (in the case of pure unawareness), or drastically different (in the case …
Persistent link: https://www.econbiz.de/10012723898
We provide a syntactic model of unawareness. By introducing multiple knowledge modalities, one for each sub …-language, we specifically model agents whose only mistake in reasoning (other than their unawareness) is to underestimate the … knowledge of more aware agents. We show that the model is a complete and sound axiomatization of the set-theoretic model of …
Persistent link: https://www.econbiz.de/10012936579
I construct a state space model with unawareness following Aumann (1976). Dekel, Lipman and Rustichini (1998a) show … that standard state space models are incapable of representing unawareness. The model circumvents the impossibility result … by endowing the agent with a subjective state space that differs from the full state space when he has the unawareness …
Persistent link: https://www.econbiz.de/10014216943
We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a …
Persistent link: https://www.econbiz.de/10014220427
This paper theoretically assesses the role that uncertainty plays in the intensity of conflicts. The standard two-player rent-seeking contest model (Tullock, 1980) is extended to allow for privately known subjective values of the prize. The conflict is modeled as a Bayesian game on which each...
Persistent link: https://www.econbiz.de/10013136257
We prove a "no-speculative-trade'' theorem under unawareness for the infinite case. This generalizes the result for the …
Persistent link: https://www.econbiz.de/10013070298