“…Indeed, when the payoff function is linear in beliefs as in Section 4, an interim payoff profile can be seen as a profile of second-order expectations. Starting with Samet (1998), a body of work uses Markov matrices to represent such higher-order beliefs and expectations of higher-order beliefs for a given information structure (see, for instance, Cripps et al, 2008;Golub and Morris, 2017;Libgober, 2021). Instead, our result in Theorem 3 identifies the set of matrices that can correspond to some information structure.…”