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Do conventions need to be common knowledge?

Binmore, K.G.; (2008) Do conventions need to be common knowledge? Topoi , 27 (1-2) pp. 17-27. 10.1007/s11245-008-9033-4.

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Abstract

Do conventions need to be common knowledge in order to work? David Lewis builds this requirement into his definition of a convention. This paper explores the extent to which his approach finds support in the game theory literature. The knowledge formalism developed by Robert Aumann and others militates against Lewis’s approach, because it shows that it is almost impossible for something to become common knowledge in a large society. On the other hand, Ariel Rubinstein’s Email Game suggests that coordinated action is no less hard for rational players without a common knowledge requirement. But an unnecessary simplifying assumption in the Email Game turns out to be doing all the work, and the current paper concludes that common knowledge is better excluded from a definition of the conventions that we use to regulate our daily lives.

Type: Article
Title: Do conventions need to be common knowledge?
DOI: 10.1007/s11245-008-9033-4
Publisher version: http://dx.doi.org/10.1007/s11245-008-9033-4
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/15683
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