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Efficient communication, common knowledge, and consensus

Abstract
We study a model of pairwise communication in a finite population of Bayesian agents. We show that, in contrast with claims to the contrary in the existing literature, communication under a fair protocol may not lead to common knowledge of signals. We prove that commonly known signals are achieved if the individuals convey, in addition to their own message, the information about every individual’s most recent signal they are aware of. If the signal is a posterior probability about some event, common knowledge implies consensus.
University
Göteborg University, School of Buisness, Economics and Law
Institution
Department of Economics
URI
http://hdl.handle.net/2077/4576
Collections
  • Working papers
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gunwpe0255.pdf (290.3Kb)
Date
2007-06-18
Author
Tsakas, Elias
Voorneveld, Mark
Keywords
Private information
communication
common knowledge
consensus
JEL: D82, D89
Publication type
report
ISSN
1403-2465
Series/Report no.
Working Papers in Economics
255
Language
eng
Metadata
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