We use an interactive epistemology framework to provide a systematic analysis of some solution concepts for games with asymmetric information. We characterize solution concepts using expressible epistemic assumptions, represented as events in the universal type space generated by primitive...

We present a dynamic model of trading under adverse selection in which a seller sequentially meets buyers, each of whom receives a noisy signal about the quality of the seller's asset and offers a price. We fully characterize the equilibrium trading dynamics and show that buyers' beliefs about...