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Incomplete-Information Models of Large Economies with Anonymity: Existence and Uniqueness of Common Priors

Martin Hellwig

No 2011_08, Discussion Paper Series of the Max Planck Institute for Research on Collective Goods from Max Planck Institute for Research on Collective Goods

Abstract: The paper provides a speci?cation of belief systems for models of large economies with anonymity in which aggregate states depend only on cross-section distributions of types. For belief systems satisfying certain conditions of mutual absolute continuity, the paper gives a necessary and sufficient condition for the existence of a common prior. Under the given conditions, the common prior is unique.

Keywords: Large Economy; Belief systems; consistency; common prior (search for similar items in EconPapers)
JEL-codes: D82 C70 D83 (search for similar items in EconPapers)
Date: 2011-05
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