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dc.contributor.authorRiedel, Frank
dc.contributor.authorDana, Rose-Anne
HAL ID: 12658
dc.date.accessioned2013-04-29T11:26:49Z
dc.date.available2013-04-29T11:26:49Z
dc.date.issued2013
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11268
dc.language.isoenen
dc.subjectDynamic general equilibriumen
dc.subjectNo tradeen
dc.subjectGeneral equilibrium theoryen
dc.subjectIncomplete preferencesen
dc.subjectAmbiguityen
dc.subjectKnightian uncertaintyen
dc.subject.ddc332en
dc.subject.classificationjelD91en
dc.subject.classificationjelD81en
dc.subject.classificationjelD51en
dc.titleIntertemporal equilibria with Knightian uncertaintyen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherCenter for Mathematical Economics, Bielefeld University;Allemagne
dc.description.abstractenWe study a dynamic and infinite–dimensional model with incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk–adjusted prior and subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective expected utility and priors from the agentsʼ multiple prior sets. A specific model with neither risk nor uncertainty at the aggregate level is considered. Risk is always fully insured. For small levels of ambiguity, there exists an equilibrium with inertia where agents also insure fully against Knightian uncertainty. When the level of ambiguity exceeds a critical threshold, full insurance no longer prevails and there exist equilibria with inertia where agents do not insure against uncertainty at all. We also show that equilibria with inertia are indeterminate.en
dc.relation.isversionofjnlnameJournal of Economic Theory
dc.relation.isversionofjnlvol148
dc.relation.isversionofjnlissue4
dc.relation.isversionofjnldate2013
dc.relation.isversionofjnlpages1582-1605
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jet.2013.04.005en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie financièreen


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