Conditional expectation of correspondences and economic applications

Wei He () and Yeneng Sun ()
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Wei He: The Chinese University of Hong Kong
Yeneng Sun: National University of Singapore

Economic Theory, 2018, vol. 66, issue 2, No 1, 265-299

Abstract: Abstract We characterize the properties of convexity, compactness and preservation of upper hemicontinuity for conditional expectation of correspondences via the condition of “nowhere equivalence,” and hence extend the classical results on integration of correspondences. To illustrate the economic applications of those properties, we present new results on large games, abstract economies with asymmetric information and stochastic games.

Keywords: Conditional expectation; Correspondences; Nowhere equivalence; Convexity; Compactness; Preservation of upper hemicontinuity; Large games; Abstract economies; Stochastic games (search for similar items in EconPapers)
JEL-codes: C60 C62 C72 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s00199-017-1067-7

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