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Modelling exchange of probabilistic opinions

Author

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  • Hiroyuki Nakata

Abstract

This paper studies how communication or exchange of opinions influences correlation of beliefs. The paper focuses on a situation in which agents communicate with each other infinitely many times without observing data. It is an extension to the ‘Expert Problem’ in Bayesian theory, where the informational flow is asymmetric. Moreover, this paper generalizes the existing literature of communication that employs the common prior assumption (CPA) by allowing for heterogeneous beliefs. Some basic convergence results are shown in contrast with the results obtained under the CPA. Furthermore, several economic implications of the basic results are provided. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Hiroyuki Nakata, 2003. "Modelling exchange of probabilistic opinions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(2), pages 697-727, March.
    • Handle: RePEc:spr:joecth:v:21:y:2003:i:2:p:697-727
    DOI: 10.1007/s00199-002-0298-3
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    Citations

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    Cited by:

    1. Hiroyuki Nakata, 2007. "A Model of Financial Markets with Endogenously Correlated Rational Beliefs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(3), pages 431-452, March.
    2. Castro, Luis E. & Shaikh, Nazrul I., 2018. "A particle-learning-based approach to estimate the influence matrix of online social networks," Computational Statistics & Data Analysis, Elsevier, vol. 126(C), pages 1-18.
    3. Valsecchi, Irene, 2008. "Learning from Experts," International Energy Markets Working Papers 36756, Fondazione Eni Enrico Mattei (FEEM).
    4. Irene Valsecchi, 2008. "Learning from Experts," Working Papers 2008.35, Fondazione Eni Enrico Mattei.

    More about this item

    Keywords

    Keywords and Phrases: Communication; Correlation of beliefs; Expert problem; Heterogeneous beliefs.; JEL Classification Numbers: D82; D83; D84.;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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