Charges and bets: a general characterisation of common priors

Ziv Hellman, Miklós Pintér

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


We show that the equivalence of common priors and absence of agreeable bets of the famous no betting theorem can be generalised to any infinite space (not only compact spaces) if we expand the set of priors to include probability charges as priors. Going beyond the strict prior/no common prior dichotomy, we further uncover a fine-grained decomposition of the class of type spaces into a continuum of subclasses in each of which an epistemic condition approximating common priors is equivalent to a behavioural condition limiting acceptable bets.

Original languageEnglish
Pages (from-to)567-587
Number of pages21
JournalInternational Journal of Game Theory
Issue number3-4
StatePublished - Nov 2022

Bibliographical note

Funding Information:
Support by Israel Science Foundation grant 1626/18 is gratefully acknowledged. Support by the Hungarian Scientific Research Fund under projects K 133882 and K 119930 is gratefully acknowledged. The authors thank David Bartl for significant contributions to early versions of this paper, and three anonymous reviewers.

Publisher Copyright:
© 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.


  • Common prior
  • No betting
  • Probability charge


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