In the context of a continuum of random variables, arising, for example, as rates of return in financial markets with a continuum of assets, or as individual responses in games with a continuum of players, an important economic issue is to show how idiosyncratic risk can be removed through some...

We study (interim correlated) rationalizability in a game with incomplete information. We characterize the recursive set of possible rationalizable hierarchies through a finite automaton and provide a revelation principle that characterizes the distributions over these hierarchies that arise...