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Pareto Optimality and Indeterminancy of General Equilibrium under Knightian Uncertainty

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  • Wei Ma

Abstract

This paper studies general equilibrium theory, for both complete and incomplete markets, under Knightian uncertainty. Noting that the preference represented by Knightian uncertainty induces a set of complete preferences, we set ourselves the task of inquiring the relationship between an equilibrium under Knightian uncertainty and its counterpart under the induced complete preferences. It is shown that they are […]

Suggested Citation

  • Wei Ma, 2016. "Pareto Optimality and Indeterminancy of General Equilibrium under Knightian Uncertainty," Working Papers 588, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:588
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    Keywords

    economic theory; Other Macroeconomic Variables;

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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