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News and Archival Information in Games

Ran Spiegler ()

No 12805, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: I enrich the typology of players in the standard model of games with incomplete information, by allowing them to have incomplete "archival information" - namely, piecemeal knowledge of correlations among relevant variables. A player is characterized by the conventional Harsanyi type (a.k.a "news-information") as well as the novel "archive-information", formalized as a collection of subsets of variables. The player can only learn the marginal distributions over these subsets of variables. The player extrapolates a well-specified probabilistic belief according to the maximum-entropy criterion. This formalism expands our ability to capture strategic situations with "boundedly rational expectations." I demonstrate the expressive power and use of this formalism with some examples.

Keywords: archival information; causal models; high-order beliefs; maximum entropy; non-rational expectations (search for similar items in EconPapers)
JEL-codes: C70 D01 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-gth and nep-mic
Date: 2018-03
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