This paper presents a general framework to understand the possibility of a purely speculative trade under asymmetric information, where the decision making rule of each trader conforms to the multiple priors model (Gilboa - Schmeidler (1989)): the agents are interested in the minimum of the...

In order to describe partial cooperation structures, this paper introduces complete coalition structures as sets of feasible coalitions. A complete coalition structure has a property that, for any coalition, if each pair of players in the coalition belongs to some feasible coalition contained in...

In order to describe partial cooperation structures, this paper introduces complete coalition structures as sets of feasible coalitions. A complete coalition structure has a property that, for any coalition, if each pair of players in the coalition belongs to some feasible coalition contained in...

We present a model of incomplete information games with sets of priors. Upon arrival of private information, each player "updates" by the Bayes rule each of priors in this set to construct the set of posteriors consistent with the arrived piece of information. Then the player uses a possibly...

This paper considers a two agent model of trade with multiple priors. First, we characterize the existence of an agreeable bet on some event in terms of the set of priors. It is then shown that the existence of an agreeable bet on some event is a strictly stronger condition than the existence of...