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Pareto Optimal Allocations for Probabilistic Sophisticated Variational Preferences

Author

Listed:
  • Claudia RAVANELLI

    (EPFL and Swiss Finance Institute)

  • Gregor SVINDLAND

    (University of Munich)

Abstract

We prove the existence of Pareto optimal allocations within sets of acceptable allocations when decision makers have probabilistic sophisticated variational preferences de ned on random endowments in L1.

Suggested Citation

  • Claudia RAVANELLI & Gregor SVINDLAND, 2011. "Pareto Optimal Allocations for Probabilistic Sophisticated Variational Preferences," Swiss Finance Institute Research Paper Series 11-28, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp1128
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    More about this item

    Keywords

    Pareto optimal allocations; variational preferences; probabilistic sophistication; ambiguity aversion; weighted sup-convolution optimization problems.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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