Modelling exchange of probabilistic opinions

Hiroyuki Nakata

Economic Theory, 2003, vol. 21, issue 2, 697-727

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

Keywords: Keywords and Phrases: Communication; Correlation of beliefs; Expert problem; Heterogeneous beliefs.; JEL Classification Numbers: D82; D83; D84. (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:spr:joecth:v:21:y:2003:i:2:p:697-727

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DOI: 10.1007/s00199-002-0298-3

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