when downstream firms have "passive beliefs." We stress that in many situations, an equilibrium with passive beliefs may … not exist and passive beliefs appear less plausible than "wary beliefs", introduced by McAfee and Schwartz, that account … for multilateral deviations. We show that in a broad range of situations, equilibria with wary beliefs exist and reflect …

entrepreneurs. The results indicate that entrepreneurs used different approaches to impart their values and beliefs to their firms …

Manski [2004] analyzes the relationship between the distribution of traders’ beliefs and the equilibrium price in a … demonstrating that both risk aversion and the distribution of traders’ beliefs significantly affect the equilibrium price. For …

conditional probabilities to model the beliefs of the players, Heifetz and Samet avoided using conditional probabilities formally … suggest that the concept of common prior is not appropriate to determine the players' beliefs. Two examples are also given. …

Several axioms concerning probabilistic beliefs are examined here, and the relations between them are established …, using belief spaces that generalize Harsanyi type spaces. Two axioms concerning high-order probabilistic beliefs are …) of one's own beliefs. The second is the averaging axiom, which states that a first order belief concerning some fact F is …

only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of …