Information structures with unawareness |
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Authors: | Jing Li |
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Institution: | Department of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104, United States |
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Abstract: | I construct a state space model with unawareness following R.J. Aumann, Agreeing to disagree, Ann. Stat. 76 (1976) 1236-1239]. Dekel et al. E. Dekel, B.L. Lipman, A. Rustichini, Standard state-space models preclude unawareness, Econometrica 66 (1998) 159-173] show that standard state space models are incapable of representing unawareness. The model circumvents the impossibility result by endowing the agent with a subjective state space that differs from the full state space when he has the unawareness problem. Information is modeled as a pair, consisting of both factual information and awareness information. The model preserves the central properties of the standard information partition model. |
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Keywords: | C70 C72 D80 D82 D83 |
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