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Approximate Common Knowledge Revisited

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  • Stephen Morris

Abstract

Suppose we replace "knowledge" by "belief with probability p" in standard definitions of common knowledge. Very different notions arise depending on the exact definition of common knowledge used in the substitution. This paper demonstrates those differences and identifies which notion is relevant in each of three contexts: equilibrium analysis in incomplete information games, best response dynamics in incomplete information games, and agreeing to disagree/no trade results.
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Suggested Citation

  • Stephen Morris, "undated". "Approximate Common Knowledge Revisited," Penn CARESS Working Papers 6be11f49fbded40b2a623aebf, Penn Economics Department.
    • Handle: RePEc:cla:penntw:6be11f49fbded40b2a623aebfa5361c6
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    File URL: http://www.econ.upenn.edu/Centers/CARESS/
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    Citations

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    Cited by:

    1. Robin Hanson, 2003. "For Bayesian Wannabes, Are Disagreements Not About Information?," Theory and Decision, Springer, vol. 54(2), pages 105-123, March.
    2. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2008. "Common Learning," Econometrica, Econometric Society, vol. 76(4), pages 909-933, July.
    3. Martin Cripps & Jeffrey Ely & George Mailath & Larry Samuelson, 2013. "Common learning with intertemporal dependence," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(1), pages 55-98, February.
    4. Christian Schmidt, 2006. "Quelques points de rencontre entre économistes et psychologues," Revue économique, Presses de Sciences-Po, vol. 57(2), pages 242-257.
    5. Cy Maor & Eilon Solan, 2015. "Cooperation under incomplete information on the discount factors," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(2), pages 321-346, May.
    6. Wilson Perez, 2004. "Divide and Conquer: Noisy Communication in Networks, Power, and Wealth Distribution," Working Papers 2004.33, Fondazione Eni Enrico Mattei.
    7. Romeo Matthew Balanquit, 2016. "Common Belief Revisited," UP School of Economics Discussion Papers 201608, University of the Philippines School of Economics.
    8. Stephen Morris & Hyun Song Shin, 2012. "Contagious Adverse Selection," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 1-21, January.

    More about this item

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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