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Pareto optima and equilibria when preferences are incompletely known

  • G. Carlier
  • R.-A. Dana
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    An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions is consid- ered. Sufficient conditions for the set of efficient allocations and equi- libria 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: http://www.ipag.fr/wp-content/uploads/recherche/WP/IPAG_WP_2014_060.pdf
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    Paper provided by Department of Research, Ipag Business School in its series Working Papers with number 2014-060.

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    Length: 24 pages
    Date of creation: 06 Jan 2014
    Date of revision:
    Handle: RePEc:ipg:wpaper:2014-060
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    1. 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.
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    3. Rose-Anne Dana & Cuong Le Van, 2010. "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-00308530, HAL.
    4. Rigotti, Luca & Shannon, Chris, 2001. "Uncertainty and Risk in Financial Markets," Department of Economics, Working Paper Series qt7pp7113z, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    5. Carroll, Gabriel, 2010. "An efficiency theorem for incompletely known preferences," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2463-2470, November.
    6. Carlier, Guillaume, 2008. "Differentiability properties of Rank-Linear Utilities," Economics Papers from University Paris Dauphine 123456789/1024, Paris Dauphine University.
    7. Carlier, G. & Dana, R.-A. & Galichon, A., 2012. "Pareto efficiency for the concave order and multivariate comonotonicity," Journal of Economic Theory, Elsevier, vol. 147(1), pages 207-229.
    8. Dov Samet, 1997. "Common Priors and Separation of Convex Sets," Game Theory and Information 9701002, EconWPA.
    9. Özgür Evren, 2012. "Scalarization Methods and Expected Multi-Utility Representations," Working Papers w0174, Center for Economic and Financial Research (CEFIR).
    10. Dana, Rose-Anne, 2004. "Market behavior when preferences are generated by second-order stochastic dominance," Economics Papers from University Paris Dauphine 123456789/6697, Paris Dauphine University.
    11. Ng, Man-Chung, 2003. "On the duality between prior beliefs and trading demands," Journal of Economic Theory, Elsevier, vol. 109(1), pages 39-51, March.
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    13. Shannon, Chris & Strzalecki, Tomasz & Rigotti, Luca, 2008. "Subjective Beliefs and Ex Ante Trade," Scholarly Articles 3637104, Harvard University Department of Economics.
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    18. Carlier, G., 2008. "Differentiability properties of rank-linear utilities," Journal of Mathematical Economics, Elsevier, vol. 44(1), pages 15-23, January.
    19. Fabio Maccheroni, 2004. "Yaari's dual theory without the completeness axiom," Economic Theory, Springer, vol. 23(3), pages 701-714, March.
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