Common knowledge, communication, and convergence of beliefs (Q1075931)

The paper establishes a framework for the analysis of common knowledge and communication when information structures are represented by sigma- algebras instead of partitions. It involves construction of Boolean sigma-algebras of events which are identified only up to addition or subtraction of null sets. The major results are as follows. If all agents' posterior expectations of a random variable are common knowledge, then they are almost surely identical. If the posterior expectations are communicated back and forth, then they converge almost surely to consensus expectation. If the posterior distributions of a random variable are communicated back and forth, then they will almost surely converge weakly to a consensus distribution.