Efficient Allocations under Ambiguous Model Uncertainty

Chiaki Hara, Sujoy Mukerji, Frank Riedel and Jean-Marc Tallon
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Chiaki Hara: Kyoto University

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Abstract: 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

Date: 2022-10
New Economics Papers: this item is included in nep-mic and nep-upt
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Working Paper: Efficient Allocations under Ambiguous Model Uncertainty (2022)
Working Paper: Efficient Allocations under Ambiguous Model Uncertainty (2022)
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