Aggregate information, common knowledge, and agreeing not to bet
No Thumbnail Available
Date
2007-06-18T07:40:24Z
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
I consider a gamble where the sum of the distributed payoffs is proportionate to
the number of participants. I show that no subset of the population can agree
to participate in the bet, if the size of the group is commonly known. Repeated
announcements of the number of the participants leads the population to agree not
to bet.
Description
Keywords
Gamble, private information, communication, common knowledge, JEL: D81, D82, D84, D89