Common p-belief and uncertainty

This paper generalizes the notion of common p-beliefs to situations of ambiguity or Knightian uncertainty. When players have multiple prior beliefs,we show that Aumann’s no-agreement theorem can be approximated. We also provide conditions under which purely speculative trade does not occur in the presence of ambiguity when players preferences are complete or incomplete.

• Type: Conference
• Year: 2007
• Where: TARK
• Authors: Jayant V. Ganguli
• Keywords: Knightian Uncertainty, Multiple Prior Beliefs, TARK 2007, We