Information structures with unawareness

• 成果类型: Article
• 署名作者: Li, Jing
• 署名单位: University of Pennsylvania
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.10.001
• 发表日期: 2009
• 页码: 977-993
• 关键词: Unawareness; INFORMATION; Information partition; state space models

摘要

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. (C) 2008 Elsevier Inc. All rights reserved.