Countable Spaces and Common Priors

Ziv Hellman ()

Discussion Paper Series from The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem

Abstract: We show that the no betting characterisation of the existence of common priors over finite type spaces extends only partially to improper priors in the countably infinite state space context: the existence of a common prior implies the absence of a bounded agreeable bet, and the absence of a common improper prior implies the existence of a bounded agreeable bet. However, a type space that lacks a common prior but has a common improper prior may or may not have a bounded agreeable bet. The iterated expectations characterisation of the existence of common priors extends almost as is, as a sufficient and necessary condition, from finite spaces to countable spaces, but fails to serve as a characterisation of common improper priors. As a side-benefit of the proofs here, we also obtain a constructive proof of the no betting characterisation in finite spaces.

Pages: 35 pages
Date: 2012-04
New Economics Papers: this item is included in nep-mic
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Journal Article: Countable spaces and common priors (2014)
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