This paper generalizes a result by Samet concerning iterated expectations and common priors. When a player in some state of the world is allowed to ascribe probability zero to that state, something not allowed in Samet's framework, iterated expectations may not converge, and when they do, common...

This paper investigates the extent to which rationalizable implementation depends on the implicit common knowledge restrictions usually embodied in traditional models. It is shown that under fairly general conditions such restrictions are without loss of generality in the following sense: If a...

This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...

We provide a complete answer regarding what social choice functions can be rationalizably implemented.

Competitive behaviors such as outbidding one’s rivals may be countered by therivals’ threat of mutually destructive objections. In an Arrow-Debreu model of productioneconomies with firms privatized by property rights, we model such hinderedcompetitive behaviors as a coalition’s attempt to...

In production economies, the extent to which non-equilibria are blocked dependson specific rules that allocate authority among shareholders, because a blocking coalition’sresources are affected by the firms it jointly owns with outsiders. Based on anotion of stochastic blocking, we extend...

In production economies, the extent to which non-equilibria are blocked dependson the allocation of control rights among shareholders, because a blocking coalition’sresources are affected by the firms it jointly owns with outsiders. We formulate a notionof blocking that takes such...

In production economies, the extent to which non-equilibria are blocked depends on the allocation of control rights among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. We formulate a notion of blocking that takes such...