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Business Language for Agents with Asymmetric Perceptions

Jack Stecher ()

No 225, Econometric Society 2004 Australasian Meetings from Econometric Society

Abstract: This paper addresses the relationship between individual perceptions and the uses of a business language. Perceptions are modeled explicitly, and are not common knowledge. A business language enables individuals with different perceptions to trade. I present a formal criterion for faithfulness of the business language among heterogeneous agents. Roughly, the language is heterogeneously faithful if different agents who observe the same real-world object can perceive it in a way that leads them to make the same report. Different business languages lead to different possible equilibria, and thus can be Pareto-ranked. In particular, heterogeneously faithful languages are compared with one where agents can fully disclose what they perceive

Keywords: Reporting; Faithfulness; Full Disclosure; Perceptions (search for similar items in EconPapers)
JEL-codes: C65 D82 M41 (search for similar items in EconPapers)
Date: 2004-08-11
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