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Agreeable trade with pessimism and optimism

Author

Listed:
  • Adam Dominiak

    (Universität Heidelberg [Heidelberg] = Heidelberg University)

  • Jürgen Eichberger

    (Universität Heidelberg [Heidelberg] = Heidelberg University)

  • Jean-Philippe Lefort

    (Universität Heidelberg [Heidelberg] = Heidelberg University)

Abstract

In this paper we extend the results on ex-ante agreeable trade of Kajii and Ui [Kajii, A., Ui, T., 2006. Agreeable bets with multiple priors. Journal of Economic Theory 128, 299–305] to the case of non-convex Choquet preferences. We discuss the economic relevance of the main result for the existence of speculative trade under ambiguity. Following Haller [Haller, H., 1990. Non-market reopening, time-consistent plans and the structure of intertemporal preferences. Economics Letters 32, 1–5] we also elaborate the relevance of updating preferences upon arrival of public information for the potential of re-contracting initial contingent claims.

Suggested Citation

  • Adam Dominiak & Jürgen Eichberger & Jean-Philippe Lefort, 2012. "Agreeable trade with pessimism and optimism," Post-Print hal-01615843, HAL.
    • Handle: RePEc:hal:journl:hal-01615843
    DOI: 10.1016/j.mathsocsci.2012.03.006
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    Citations

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    Cited by:

    1. Adam Dominiak & Ani Guerdjikova, 2021. "Special Issue on Ambiguity and Strategic Interactions in Honor of Jürgen Eichberger," Theory and Decision, Springer, vol. 90(3), pages 301-307, May.
    2. Dominiak, Adam, 2013. "Iterated Choquet expectations: A possibility result," Economics Letters, Elsevier, vol. 120(2), pages 155-159.
    3. Craig S. Webb, 2017. "Piecewise linear rank-dependent utility," Theory and Decision, Springer, vol. 82(3), pages 403-414, March.
    4. Craig Webb, 2015. "Piecewise additivity for non-expected utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(2), pages 371-392, October.
    5. Galanis, Spyros, 2018. "Financial complexity and trade," Games and Economic Behavior, Elsevier, vol. 112(C), pages 219-230.
    6. Ghirardato, Paolo & Siniscalchi, Marciano, 2018. "Risk sharing in the small and in the large," Journal of Economic Theory, Elsevier, vol. 175(C), pages 730-765.
    7. Jan Werner, 2021. "Participation in risk sharing under ambiguity," Theory and Decision, Springer, vol. 90(3), pages 507-519, May.

    More about this item

    Keywords

    Trade; Decision theory;

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