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The Positive Foundation of the Common Prior Assumption

Heifetz, Aviad (2001) The Positive Foundation of the Common Prior Assumption. Social Science Working Paper, 1125. California Institute of Technology , Pasadena, CA. (Unpublished)

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The existence of a common prior is a property of the state space used to model the players' asymmetric information. We show that this property is not just a technical artifact of the model, but that it is immanent to the players' beliefs. To this end, we devise a condition, phrased solely in terms of the players' mutual beliefs about the basic, objective issues of possible uncertainty, which is equivalent to the existence of a common prior.

Item Type:Report or Paper (Working Paper)
Additional Information:Paper dated to Feb. 2001.
Group:Social Science Working Papers
Subject Keywords:common prior, asymmetric information
Series Name:Social Science Working Paper
Issue or Number:1125
Classification Code:JEL: D80, D82, D84
Record Number:CaltechAUTHORS:20170807-133652174
Persistent URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:79851
Deposited By: Jacquelyn Bussone
Deposited On:07 Aug 2017 23:22
Last Modified:03 Oct 2019 18:24

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