Convergence in economic models with Bayesian hierarchies of beliefs
成果类型：
Article
署名作者：
Nyarko, Y
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2254
发表日期：
1997
页码：
266-296
关键词：
摘要：
I study a model where hierarchies of beliefs (the beliefs about the beliefs of other agents, etc.) are important. I provide conditions under which optimal actions of agents will converge to the Nash equilibrium of the model characterized by the tree, previously unknown ''fundamentals.'' The conditions are (i) a contraction property on the best-response mappings and (ii) a mutual absolute continuity condition on beliefs. Violation of(i) may result in an ''anything is possible'' result: any stochastic process of actions is consistent with maximizing behavior and Bayesian updating. Violation of(ii) may result in cyclical behavior of actions on each sample path. (C) 1997 Academic Press.
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