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Core and equilibria under ambiguity

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  • Luciano Castro

    ()

  • Marialaura Pesce

    ()

  • Nicholas Yannelis

    ()

Abstract

This paper introduces new core and Walrasian equilibrium notions for an asymmetric information economy with non-expected utility preferences. We prove existence and incentive compatibility results for the new notions we introduce.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s00199-011-0637-3
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 48 (2011)
Issue (Month): 2 (October)
Pages: 519-548

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Handle: RePEc:spr:joecth:v:48:y:2011:i:2:p:519-548

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Related research

Keywords: Maximin core; Maximin Walrasian equilibrium; Incentive compatibility; Ambiguity; ex ante; interim and ex post preferences; D51; D6; D8;

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References

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  1. Eduardo Andrade & Luciano De Castro, 2010. "Tougher Educational Exam Leading to Worse Selection," Discussion Papers 1533, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Krasa, Stefan & Yannelis, Nicholas C, 1994. "The Value Allocation of an Economy with Differential Information," Econometrica, Econometric Society, vol. 62(4), pages 881-900, July.
  3. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  4. Angeloni, Laura & Martins-da-Rocha, Victor-Filipe, 2009. "Large economies with differential information and without free disposal," Economics Papers from University Paris Dauphine 123456789/2344, Paris Dauphine University.
  5. DREZE, Jacques H. & RUSTICHINI, Aldo, 1995. "Moral Hazard and Conditional Preferences," CORE Discussion Papers 1995010, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. João Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," Levine's Bibliography 321307000000000099, UCLA Department of Economics.
  7. Florenzano Monique, 1987. "On the non-emptiness of the core of a coalitional production economy without ordered preferences," CEPREMAP Working Papers (Couverture Orange) 8733, CEPREMAP.
  8. Gerard Debreu, 1959. "Topological Methods in Cardinal Utility Theory," Cowles Foundation Discussion Papers 76, Cowles Foundation for Research in Economics, Yale University.
  9. repec:hal:cesptp:halshs-00086096 is not listed on IDEAS
  10. Allouch, N. & Florenzano, M., 2000. "Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy," Papiers d'Economie Mathématique et Applications 2000.119, Université Panthéon-Sorbonne (Paris 1).
  11. Rose-Anne Dana, 2004. "Ambiguity, uncertainty aversion and equilibrium welfare," Economic Theory, Springer, vol. 23(3), pages 569-587, March.
  12. Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer, vol. 10(3), pages 383-411.
  13. Marialaura Pesce & Peter Cramton & Nicholas C. Yannelis, 2010. "A new perspective to rational expectations: maximin rational expectations equilibrium," Discussion Papers 1528, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  14. Nabil I. Al-Najjar & Luciano De Castro, 2010. "Uncertainty, Efficiency and Incentive Compatibility," Discussion Papers 1532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  15. Laura Angeloni & V. Martins-da-Rocha, 2009. "Large economies with differential information and without free disposal," Economic Theory, Springer, vol. 38(2), pages 263-286, February.
  16. Han Ozsoylev & Jan Werner, 2011. "Liquidity and asset prices in rational expectations equilibrium with ambiguous information," Economic Theory, Springer, vol. 48(2), pages 469-491, October.
  17. Scott Condie & Jayant V. Ganguli, 2011. "Ambiguity and Rational Expectations Equilibria," Review of Economic Studies, Oxford University Press, vol. 78(3), pages 821-845.
  18. Dana, Rose-Anne, 2004. "Ambiguity, uncertainty aversion and equilibrium welfare," Economics Papers from University Paris Dauphine 123456789/5393, Paris Dauphine University.
  19. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.
  20. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
  21. Kim, K. H., 1990. "Existence and optimality of competitive equilibria. : C.D. Aliprantis, D.J. Brown, and O. Burkinshaw, Berlin: Springer-Verlag, 1989, 284 pages, 110 DM," Mathematical Social Sciences, Elsevier, vol. 20(2), pages 197-197, October.
  22. Erik Balder & Nicholas Yannelis, 2009. "Bayesian–Walrasian equilibria: beyond the rational expectations equilibrium," Economic Theory, Springer, vol. 38(2), pages 385-397, February.
  23. Scott Condie & Jayant Ganguli, 2011. "Informational efficiency with ambiguous information," Economic Theory, Springer, vol. 48(2), pages 229-242, October.
  24. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  25. Herbert E. Scarf, 1965. "The Core of an N Person Game," Cowles Foundation Discussion Papers 182R, Cowles Foundation for Research in Economics, Yale University.
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