Charges and bets: a general characterisation of common priors

Ziv Hellman () and Miklós Pintér ()
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Ziv Hellman: Bar-Ilan University
Miklós Pintér: Corvinus University of Budapest

International Journal of Game Theory, 2022, vol. 51, issue 3, No 5, 567-587

Abstract: Abstract We show that the equivalence of common priors and absence of agreeable bets of the famous no betting theorem can be generalised to any infinite space (not only compact spaces) if we expand the set of priors to include probability charges as priors. Going beyond the strict prior/no common prior dichotomy, we further uncover a fine-grained decomposition of the class of type spaces into a continuum of subclasses in each of which an epistemic condition approximating common priors is equivalent to a behavioural condition limiting acceptable bets.

Keywords: Common prior; No betting; Probability charge (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s00182-022-00805-4

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