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Beliefs and Pareto Efficient Sets: A Remark

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Author Info
Thibault Gajdos () (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Panthéon-Sorbonne - Paris I)
Jean-Marc Tallon (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Panthéon-Sorbonne - Paris I)

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Abstract

We show that, in a two-period economy with uncertainty in the second period, if an allocation is Pareto optimal for a given set of beliefs and remains optimal when these beliefs are changed, then the set of optimal allocations of the two economies must actually coincide. We identify equivalence classes of beliefs giving rise to the same set of Pareto optimal allocations.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00085912_v1.

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Date of creation: 2002
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Publication status: Published, Journal of Economic Theory, 2002, 106, 2, 467-471
Handle: RePEc:hal:cesptp:halshs-00085912_v1

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Related research
Keywords: Beliefs; Pareto Optimality;

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  1. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May. [Downloadable!] (restricted)
  2. Cass, David & Chichilnisky, Graciela & Wu, Ho-Mou, 1996. "Individual Risk and Mutual Insurance," Econometrica, Econometric Society, vol. 64(2), pages 333-41, March. [Downloadable!] (restricted)
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This page was last updated on 2009-12-17.

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