Generic non-existence of general equilibrium with EUU preferences under extreme ambiguity

• Type: Article in International Scientific Journal
• Date: 2015

Authors

João Correia-da-Silva (Author) FEP

Journal

Title: Journal of Mathematical Economics

Vol. 61

Pages: 185-191

ISSN: 0304-4068

Publisher: Elsevier

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Other information

Authenticus ID: P-00J-Z9B

DOI: 10.1016/j.jmateco.2015.09.007

Abstract (EN): In the presence of three or more realisations of the aggregate endowment that are extremely ambiguous, in the sense that all relative probabilities are admissible, if agents have preferences that are representable by expected uncertain utility functions (Gul and Pesendorfer, 2014), general equilibrium does not generically exist in finite economies. It always exists, however, in continuum economies. © 2015 Elsevier B.V.

Language: English

Type (Professor's evaluation): Scientific