2011b). Unawareness, beliefs, and speculative trade

We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for potential applications of asym-metric unawareness. Applying our unawareness belief structures, we show that the common prior assumption is too weak to rule out speculative trade in all states. Yet, we prove a generalized “No-speculative-trade ” theorem according to which there cannot be common certainty of strict preference to trade. Moreover, we prove a generalization of the “No-agreeing-to-disagree ” theorem