On the existence of the ex post symmetric random entry model

Ju Hu

Journal of Mathematical Economics, 2020, vol. 90, issue C, 42-47

Abstract: This paper studies symmetry among countably infinitely many agents who randomly enter into a stochastic process, one for each period. Upon entry, they observe only the current period signal and try to draw inference about the underlying state governing the stochastic process. We show that there exist random entry models under which agents are ex post symmetric. That is, all agents have identical posterior belief about the underlying states, although they are not ex ante symmetric. The form of the posterior belief is uniquely pinned down by ex post symmetry and a stationarity condition. Our results provide a common prior foundation for the model studied in Liu and Skrzypacz (2014).

Keywords: Random entry; Ex post symmetry; Learning; Reputation (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:90:y:2020:i:c:p:42-47

DOI: 10.1016/j.jmateco.2020.05.007

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