Efficient Allocations under Ambiguous Model Uncertainty
Résumé
We investigate consequences of ambiguity on efficient allocations in an exchange economy. Ambiguity is embodied in the model uncertainty perceived by the consumers: they are unsure what would be the appropriate probability measure to apply to evaluate consumption and keep in consideration a set P of alternative probabilistic laws. Consumers are heterogeneously ambiguity averse with smooth
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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