Common knowledge,communication, and convergence of beliefs |
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| Authors: | Lars Tyge Nielsen |
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| Institution: | Department of Economics, Harvard University, Cambridge, MA 02138,U.S.A. |
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| Abstract: | The aim of this paper is to examine the adequacy of the so-called expected utility theory. It is concluded that the theory is inadequate when the decision-maker is decreasingly risk averse and his initial wealth is risky. |
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| Keywords: | Common knowledge information generalized event Boolean sigma-algebra |
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