Regular economies with ambiguity aversion

Noé Biheng and Jean-Marc Bonnisseau

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: We consider a family of exchange economies where consumers have multiprior preferences representing their ambiguity aversion. Under a linear independence assumption, we prove that regular economies are generic. Regular economies exhibit enjoyable properties: odd finite number of equilibrium prices, local constancy of this number and local differentiable selections of the equilibrium prices. Thus, even if ambiguity aversion is represented by non-differentiable multiprior preferences, economies retain generically the properties of the differentiable approach.

Keywords: Demand function; general equilibrium; ambiguity aversion; multiprior preferences; regular economies; Lipschitz behavior; Fonction de demande; équilibre général; aversion à l'ambiguïté; préférences avec une multiplicité de probabilités; économies régulières; comportement lipschitzien (search for similar items in EconPapers)
Date: 2013-12
New Economics Papers: this item is included in nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00922782v1
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Published in 2013

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Related works:
Journal Article: Regular economies with ambiguity aversion (2015)
Working Paper: Regular economies with ambiguity aversion (2015)
Working Paper: Regular economies with ambiguity aversion (2015)
Working Paper: Regular economies with ambiguity aversion (2015)
Working Paper: Regular economies with ambiguity aversion (2013)
Working Paper: Regular economies with ambiguity aversion (2013)
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