Risque microéconomique, aversion à l'incertitude et indétermination de l'équilibre
Jean-Marc Tallon ()
Annals of Economics and Statistics, 1997, issue 48, 211-226
This paper studies the properties of a general equilibrium model with purely microeconomic risk, in which agents behave according to Choquet expected utility (i.e., they maximize a non-additive expected utility). This formalization represents a behavior exhibiting uncertainty aversion or pessimism. Under the assumption that there is a minimal consensus in the economy, it is shown that agents are fully insured at an equilibrium, that the equilibrium allocation is indeterminate, and that the size of the equilibrium set increases with the degree of uncertainty aversion.
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Working Paper: Risque microéconomique, aversion à l'incertitude et indétermination de l'équilibre (1997)
Working Paper: Risque microeconomique, aversion a l'incertitude et indermination de l'equilibre (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1997:i:48:p:211-226
Access Statistics for this article
Annals of Economics and Statistics is currently edited by Laurent Linnemer
More articles in Annals of Economics and Statistics from GENES Contact information at EDIRC.
Bibliographic data for series maintained by Laurent Linnemer ().