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Rational belief hierarchies
2014
Journal of Mathematical Economics
We consider agents who attach a rational probability to every Borel event. We call these Borel probability measures rational, and introduce the notion of a rational belief hierarchy, where the first order beliefs are described by a rational measure over the fundamental space of uncertainty, the second order beliefs are described by a rational measure over the product of the fundamental space of uncertainty and the opponent's first order rational beliefs, and so on. Then, we derive the
doi:10.1016/j.jmateco.2013.10.005
fatcat:eusxr7cw4raz3o7qzvhjczcvw4