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

Joao Correia-da-Silva

Journal of Mathematical Economics, 2015, vol. 61, issue C, 185-191

Abstract: 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.

Keywords: Expected uncertain utility; General equilibrium; Non-existence (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:61:y:2015:i:c:p:185-191

DOI: 10.1016/j.jmateco.2015.09.007

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