Interim efficiency with MEU-preferences
AUTOR(ES)
Martins-da-Rocha, Victor Filipe
DATA DE PUBLICAÇÃO
14/07/2009
RESUMO
Recently Kajii and (2008) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2008) proposed a necessary and sufficient condition on the set of posteriors. However, when agents have Gilboa--Schmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008).
ASSUNTO(S)
no trade maxmin expected utility multiple priors and posteriors interim efficiency
ACESSO AO ARTIGO
http://hdl.handle.net/10438/2687Documentos Relacionados
- Interim Cardiac Replacement with a Mechanical Heart: Staged Cardiac Transplantation
- Seal capability of interim post and core crown with temporary cements
- Decisions with Multiple Objectives: Preferences and Value Tradeoffs
- Prophylactic portal nondecompression surgery in patients with esophageal varices. An interim report.
- PENICILLIN IN OPHTHALMOLOGY*: An interim review
