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

Correia da silva, Joao (2015) Generic non-existence of general equilibrium with EUU preferences under extreme ambiguity. Journal of Mathematical Economics, 61. pp. 185-191.

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Official URL: http://tse-fr.eu/pub/30140

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.

Item Type: Article
Language: English
Date: December 2015
Refereed: Yes
Uncontrolled Keywords: Expected uncertain utility, General equilibrium, Non-existence
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 12 Feb 2016 12:55
Last Modified: 07 Mar 2018 13:23
OAI ID: oai:tse-fr.eu:30140
URI: http://publications.ut-capitole.fr/id/eprint/19560

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