The ability of markets to aggregate information through prices is examined in a dynamic environment with unawareness. We find that if all traders are able to minimally update their awareness when they observe a price that is counterfactual to their private information, they will eventually reach an agreement, thus generalising the result of Geanakoplos and Polemarchakis [1982]. Moreover, if the traded security is separable, then agreement is on the correct price and there is information aggregation, thus gen- eralizing the result of Ostrovsky [2012] for non-strategic traders. We find that a trader increases her awareness if and only if she is able to become aware of something that other traders are already aware of and, under a mild condition, never becomes aware of anything more. In other words, agreement is more the result of understanding each other, rather than being unboundedly sophisticated.

中文翻译：

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更新意识和信息聚合

在没有意识的动态环境中检查了市场通过价格汇总信息的能力。我们发现，如果所有交易者在观察到与其私人信息相抵触的价格时都能以最小的方式更新其意识，他们最终将达成协议，从而概括了Geanakoplos和Polemarchakis [1982]的结果。此外，如果交易的证券是可分离的，那么就以正确的价格达成一致，并且存在信息汇总，从而为非策略交易者概括了Ostrovsky [2012]的结果。我们发现，当且仅当她能够意识到其他交易者已经意识到的东西并且在温和的条件下再也没有意识到任何其他东西时，交易者才能提高其意识。换一种说法，