Interim efficiency with MEU-preferences

Victor Filipe Martins da Rocha ()
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Victor Filipe Martins da Rocha: CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Authors registered in the RePEc Author Service: V. Filipe Martins-da-Rocha

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Abstract: Recently Kajii and Ui (2009) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2009) proposed a necessary and sufficient condition on the set of posteriors. However, when agents have Gilboa–Schmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008).

Keywords: Interim efficiency; No-trade; Common knowledge; MaxMin expected utility; Multiple priors and posteriors (search for similar items in EconPapers)
Date: 2010-09
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Citations: View citations in EconPapers (11)

Published in Journal of Economic Theory, 2010, 145 (5), pp.1987 - 2017. ⟨10.1016/j.jet.2010.03.002⟩

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Journal Article: Interim efficiency with MEU-preferences (2010)
Working Paper: Interim efficiency with MEU-preferences (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01413020

DOI: 10.1016/j.jet.2010.03.002

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