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Common knowledge in model formulation and solution

Economics models usually assume that the structure of the economy is common knowledge among agents. Mathematically, an event is common knowledge if it lies in the meet of all agents' information ...
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33 views

How far must one reason up the belief hierarchy?

In games of imperfect information, one must reason about the belief on the state of nature, the beliefs of other player's beliefs of their beliefs, and so on. This is referred to as the belief ...
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30 views

Is maximal utility conditional on information linear in convex combinations of priors?

This is related to a Mathematica question here - https://math.stackexchange.com/q/1952779/374929 Is a (maximal expected utility) function of the form $U(\mu, X) \equiv \int_\Theta \int_\mathcal{X} \...
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Fama's Definition of Market Efficiency

I'm reading Fama's Nobel lecture "Two Pillars in Asset Pricing" and I'm a little confused by his mathematical definition of market efficiency. Here it is below: Suppose time is discrete, and $P_{t+...
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1answer
27 views

How to interpret the intersected information partition element of different actors?

In this paper, it said that given $\omega$ is the current state of the world and $P_1(\omega)$ is the unique element from the information partition $\textit{P_1}$ of actor 1 in which the player 1 is ...
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List of countries moved to developed economies in the last 50 years

I read in Bloomberg that five countries moved to advanced economies in the last 50 years from developing economies and one of them was Singapore. Wondering what are the other four countries? The ...