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dc.contributor.authorDana, Rose-Anneen_US
dc.contributor.authorRiedel, Franken_US
dc.date.accessioned2010-11-29en_US
dc.date.accessioned2011-01-24T10:23:59Z-
dc.date.available2011-01-24T10:23:59Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/43834-
dc.description.abstractWe study a dynamic and infinite-dimensional model with Knightian uncertainty modeled by incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective expected utility and priors from the agents' multiple prior sets. We show that the set of equilibria with inertia contains the equilibria of the economy with variational preferences anchored at the initial endowments. A case study in an economy without aggregate uncertainty shows that risk is fully insured, while uncertainty can remain fully uninsured. Pessimistic agents with Gilboa-Schmeidler's max-min preferences would fully insure risk and uncertainty.en_US
dc.language.isoengen_US
dc.publisherInst. of Mathematical Economics, IMW Bielefelden_US
dc.relation.ispartofseriesWorking papers // Institute of Mathematical Economics 440en_US
dc.subject.jelD51en_US
dc.subject.jelD81en_US
dc.subject.jelD91en_US
dc.subject.ddc330en_US
dc.subject.keywordKnightian Uncertaintyen_US
dc.subject.keywordAmbiguityen_US
dc.subject.keywordIncomplete Preferencesen_US
dc.subject.keywordGeneral Equilibrium Theoryen_US
dc.subject.keywordNo Tradeen_US
dc.subject.stwIntertemporales Gleichgewichten_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwPräferenztheorieen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwErwartungsnutzenen_US
dc.subject.stwTheorieen_US
dc.titleIntertemporal equilibria with knightian uncertaintyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn640699022en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Institute of Mathematical Economics, Universität Bielefeld

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