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Pareto optima and equilibria when preferences are incompletely known

Author Info

Listed author(s):
  • Guillaume Carlier

    ()

    (CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - CNRS - Centre National de la Recherche Scientifique - Université Paris-Dauphine)

  • Rose-Anne Dana

    (CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - CNRS - Centre National de la Recherche Scientifique - Université Paris-Dauphine)

Abstract

An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions is considered. Sufficient conditions for the set of efficient allocations and equilibria to coincide with the set of efficient allocations and equilibria that result when each agent has a utility in her family are provided. Welfare theorems in an incomplete preferences framework therefore hold under these conditions and efficient allocations and equilibria are characterized by first order conditions.

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File URL: https://hal.archives-ouvertes.fr/hal-00661903/document
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Paper provided by HAL in its series Post-Print with number hal-00661903.

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Date of creation: 2013
Publication status: Published in Journal of Economic Theory, Elsevier, 2013, 148 (4), pp.1606-1623. <10.1016/j.jet.2013.04.014>
Handle: RePEc:hal:journl:hal-00661903
DOI: 10.1016/j.jet.2013.04.014
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00661903
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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  1. Dana, R. A., 2004. "Market behavior when preferences are generated by second-order stochastic dominance," Journal of Mathematical Economics, Elsevier, vol. 40(6), pages 619-639, September.
  2. Gale, D. & Mas-Colell, A., 1975. "An equilibrium existence theorem for a general model without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 9-15, March.
  3. Samet, Dov, 1998. "Common Priors and Separation of Convex Sets," Games and Economic Behavior, Elsevier, vol. 24(1-2), pages 172-174, July.
  4. Dybvig, Philip H, 1988. "Distributional Analysis of Portfolio Choice," The Journal of Business, University of Chicago Press, vol. 61(3), pages 369-393, July.
  5. Antoine Billot & Alain Chateauneuf & Itzhak Gilboa & Jean-Marc Tallon, 2000. "Sharing Beliefs: Between Agreeing and Disagreeing," Econometrica, Econometric Society, vol. 68(3), pages 685-694, May.
  6. repec:dau:papers:123456789/6697 is not listed on IDEAS
  7. Luca Rigotti & Chris Shannon, 2005. "Uncertainty and Risk in Financial Markets," Econometrica, Econometric Society, vol. 73(1), pages 203-243, 01.
  8. Rose-Anne Dana & Cuong Le Van, 2007. "Overlapping sets of priors and the existence of efficient allocations and equilibria for risk measures," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00188761, HAL.
  9. Peleg, Bezalel & Yaari, M E, 1975. "A Price Characterization of Efficient Random Variables," Econometrica, Econometric Society, vol. 43(2), pages 283-292, March.
  10. repec:dau:papers:123456789/2342 is not listed on IDEAS
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Cited by:

  1. repec:hal:journl:halshs-01020646 is not listed on IDEAS
  2. Dana, R.A. & Le Van, C., 2014. "Efficient allocations and equilibria with short-selling and incomplete preferences," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 101-105.
  3. Wei Ma, 2016. "Pareto Optimality and Indeterminacy of General Equilibrium under Knightian Uncertainty," Working Papers 201621, University of Pretoria, Department of Economics.

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