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dc.contributor.authorDana, Rose-Anneen
dc.contributor.authorRiedel, Franken
dc.date.accessioned2010-11-29-
dc.date.accessioned2011-01-24T10:23:59Z-
dc.date.available2011-01-24T10:23:59Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aBielefeld University, Institute of Mathematical Economics (IMW) |cBielefelden
dc.relation.ispartofseries|aWorking Papers |x440en
dc.subject.jelD51en
dc.subject.jelD81en
dc.subject.jelD91en
dc.subject.ddc330en
dc.subject.keywordKnightian Uncertaintyen
dc.subject.keywordAmbiguityen
dc.subject.keywordIncomplete Preferencesen
dc.subject.keywordGeneral Equilibrium Theoryen
dc.subject.keywordNo Tradeen
dc.subject.stwIntertemporales Gleichgewichten
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwPräferenztheorieen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwErwartungsnutzenen
dc.subject.stwTheorieen
dc.titleIntertemporal equilibria with knightian uncertainty-
dc.typeWorking Paperen
dc.identifier.ppn640699022en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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