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| Auteurs principaux: | , |
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| Format: | Preprint |
| Publié: |
2025
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| Accès en ligne: | https://arxiv.org/abs/2501.09835 |
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| _version_ | 1866910013618913280 |
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| author | Hellman, Ziv Pintér, Miklós |
| author_facet | Hellman, Ziv Pintér, Miklós |
| contents | In a strand of the literature, it is assumed that the common prior has full support; that is, every type of every player is assigned positive probability. Morris (1991,1994) established an epistemological-behavioral duality characterisation of the common prior with full support, showing that a finite type space admits such a prior if and only if it contains no acceptable bet. This result forms the basis of the present paper.
The paper makes three contributions: (1) The characterisation of Morris (1991,Morris1994) is extended to infinite type spaces. (2) The extension is robust: it does not depend on whether the infinite model applies countably additive or purely additive probabilities as beliefs. (3) The analysis implies that the notion of a real common prior-understood as a single probability distribution or a set of probability distributions-is not necessarily meaningful. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2501_09835 |
| institution | arXiv |
| publishDate | 2025 |
| record_format | arxiv |
| spellingShingle | Consistent Beliefs without Common Prior Hellman, Ziv Pintér, Miklós Theoretical Economics econ.TH In a strand of the literature, it is assumed that the common prior has full support; that is, every type of every player is assigned positive probability. Morris (1991,1994) established an epistemological-behavioral duality characterisation of the common prior with full support, showing that a finite type space admits such a prior if and only if it contains no acceptable bet. This result forms the basis of the present paper. The paper makes three contributions: (1) The characterisation of Morris (1991,Morris1994) is extended to infinite type spaces. (2) The extension is robust: it does not depend on whether the infinite model applies countably additive or purely additive probabilities as beliefs. (3) The analysis implies that the notion of a real common prior-understood as a single probability distribution or a set of probability distributions-is not necessarily meaningful. |
| title | Consistent Beliefs without Common Prior |
| topic | Theoretical Economics econ.TH |
| url | https://arxiv.org/abs/2501.09835 |