We combine the study of decision under uncertainty and the analysis of economies under uncertainty and asymmetric information. We carry out comparative static exercises: we show that the set of competitive equilibria expands as ambiguity aversion increases; while the set of efficient allocations is not affected by agents’ attitude towards ambiguity.
Equilibrium analysis under ambiguity / Pesce, Marialaura. - (2013). (Intervento presentato al convegno I PRIN-Workshop tenutosi a Collegio Carlo Alberto - Torino nel 17 December 2013).
Equilibrium analysis under ambiguity
PESCE, MARIALAURA
2013
Abstract
We combine the study of decision under uncertainty and the analysis of economies under uncertainty and asymmetric information. We carry out comparative static exercises: we show that the set of competitive equilibria expands as ambiguity aversion increases; while the set of efficient allocations is not affected by agents’ attitude towards ambiguity.File in questo prodotto:
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