Research report 2012 - Max Planck Institute for Mathematics in the Sciences
Knowledge and awareness of economic actors
Geometrie und komplexe Systeme
SummaryThat a subject knows something is conceptualized as it ruling out certain facts while considering other facts possible. Thus the distinction between ‘ruled out’ and ‘possible’ draws upon a given set of conceivable facts. If in a model the knowledge of several subjects is based on the same conceivable facts, everyone receives the same information about what anyone can possibly know (identical ‘awareness’). Overcoming this restriction allows more differentiated analyses of economic decision making.