Finitely additive beliefs and universal type spaces
(2002)
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- Abstract
- In this paper we examine the existence of a universal (to be precise: terminal) type space when beliefs are described by finitely additive probability measures. We find that in the category of all type spaces that satisfy certain measurability conditions (-measurability, for some fixed regular cardinal ), there is a universal type space (i.e. a terminal object, that is a type space to which every type space can be mapped in a unique beliefs-preserving way (the morphisms of our category, the so-called type morphisms)), while, by an probabilistic adaption of the elegant sober-drunk example of Heifetz and Samet (1998a), we show that if all subsets of the spaces are required to be measurable there is no universal type space.
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Citations
Meier, M. (2002). Finitely additive beliefs and universal type spaces (CORE Discussion Papers 2002/75). https://hdl.handle.net/2078.5/128400