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Beliefs and Pareto Efficient Sets: A Remark

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  • Gajdos, Thibault
  • Tallon, Jean-Marc

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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  • Gajdos, Thibault & Tallon, Jean-Marc, 2002. "Beliefs and Pareto Efficient Sets: A Remark," Journal of Economic Theory, Elsevier, vol. 106(2), pages 467-471, October.
  • Handle: RePEc:eee:jetheo:v:106:y:2002:i:2:p:467-471
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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 655-678, May.
    2. Cass, David & Chichilnisky, Graciela & Wu, Ho-Mou, 1996. "Individual Risk and Mutual Insurance," Econometrica, Econometric Society, vol. 64(2), pages 333-341, March.
    3. Roy Radner, 1997. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Levine's Working Paper Archive 1594, David K. Levine.
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