Regular economies with ambiguity aversion

Noé Biheng () and Jean-Marc Bonnisseau
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Noé Biheng: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: We consider a family of exchange economies with complete markets 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, 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 aver-sion; multiprior preferences; regular economies; Lipschitz behavior (search for similar items in EconPapers)
Date: 2015
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01185486v1
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Citations: View citations in EconPapers (2)

Published in Journal of Mathematical Economics, 2015, 59, pp.24-36. ⟨10.1016/j.jmateco.2015.04.004⟩

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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 (2013)
Working Paper: Regular economies with ambiguity aversion (2013)
Working Paper: Regular economies with ambiguity aversion (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-01185486

DOI: 10.1016/j.jmateco.2015.04.004

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