IDEAS home Printed from https://ideas.repec.org/a/spr/sochwe/v61y2023i4d10.1007_s00355-023-01467-1.html
   My bibliography  Save this article

On efficiency in disagreement economies

Author

Listed:
  • Christian Heyerdahl-Larsen

    (BI Norwegian Business School)

  • Johan Walden

    (University of California at Berkeley)

Abstract

We analyze multiple-beliefs based efficiency measures in economies with risk and disagreement, including belief neutral efficiency and inefficiency, incomplete knowledge efficiency, efficiency based on unanimity, and utility aggregators that minimize Bergson welfare functions over multiple beliefs. We provide equivalence results under technical conditions that are satisfied in several work-horse economies, including the exchange economy and a standard economy with a linear production technology. We also provide several examples for which these measures differ. Our results show that the further away one gets from the standard exchange economy, the more the different multiple-beliefs based measures differ in the allocations they identify as efficient, in general. Consequently, the more important the choice of efficiency measure becomes.

Suggested Citation

  • Christian Heyerdahl-Larsen & Johan Walden, 2023. "On efficiency in disagreement economies," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 61(4), pages 763-799, November.
    • Handle: RePEc:spr:sochwe:v:61:y:2023:i:4:d:10.1007_s00355-023-01467-1
    DOI: 10.1007/s00355-023-01467-1
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s00355-023-01467-1
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s00355-023-01467-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:61:y:2023:i:4:d:10.1007_s00355-023-01467-1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.