This paper surveys the implications of ``common knowledge'' in interactive epistemology and game theory, with special emphasis on speculation, betting, agreeing to disagree, and coordination. The implications of approximate common knowledge are also analyzed. Approximate common knowledge is...

We construct explicit equilibria for strategic market games used to model an economy with fiat money, one nondurable commodity, countably many time- periods, and a continuum of agents. The total production of the commodity is a random variable that fluctuates from period to period. In each...