Browsing FAS Scholarly Articles by Keyword "general equilibrium"
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Efficient Allocations under Ambiguity
(Elsevier, 2011)Important implications of the expected utility hypothesis and risk aversion are that if agents have the same probability belief, then consumption plans in every efficient allocation of resources under uncertainty are ... -
Subjective Beliefs and Ex Ante Trade
(Econometric Society, 2008)We study a definition of subjective beliefs applicable to preferences that allow for the perception of ambiguity, and provide a characterization of such beliefs in terms of market behavior. Using this definition, we derive ...