Interim efficiency with MEU-preferences
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/2687 |
Resumo: | Recently Kajii and (2008) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2008) proposed a necessary and sufficient condition on the set of posteriors. However, when agents have Gilboa--Schmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008). |
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Martins-da-Rocha, Victor FilipeEscolas::EPGEFGV2009-07-14T16:08:51Z2010-09-23T18:57:07Z2009-07-14T16:08:51Z2010-09-23T18:57:07Z2009-07-14http://hdl.handle.net/10438/2687Recently Kajii and (2008) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2008) proposed a necessary and sufficient condition on the set of posteriors. However, when agents have Gilboa--Schmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008).engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;696No tradeMaxMin expected utilityMultiple priors and posteriorsInterim efficiencyEconomiaEconomiaModelos econométricosInterim efficiency with MEU-preferencesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAILinterim-MEU-14-07-09.pdf.jpginterim-MEU-14-07-09.pdf.jpgGenerated Thumbnailimage/jpeg4097https://repositorio.fgv.br/bitstreams/7c97977f-b89e-4c2f-a448-e4f59312f9b8/download7f7c79f41fe06a9e68fff313771cc3dfMD510TEXTinterim-MEU-14-07-09.pdf.txtinterim-MEU-14-07-09.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Interim efficiency with MEU-preferences |
title |
Interim efficiency with MEU-preferences |
spellingShingle |
Interim efficiency with MEU-preferences Martins-da-Rocha, Victor Filipe No trade MaxMin expected utility Multiple priors and posteriors Interim efficiency Economia Economia Modelos econométricos |
title_short |
Interim efficiency with MEU-preferences |
title_full |
Interim efficiency with MEU-preferences |
title_fullStr |
Interim efficiency with MEU-preferences |
title_full_unstemmed |
Interim efficiency with MEU-preferences |
title_sort |
Interim efficiency with MEU-preferences |
author |
Martins-da-Rocha, Victor Filipe |
author_facet |
Martins-da-Rocha, Victor Filipe |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Martins-da-Rocha, Victor Filipe |
dc.subject.eng.fl_str_mv |
No trade MaxMin expected utility Multiple priors and posteriors Interim efficiency |
topic |
No trade MaxMin expected utility Multiple priors and posteriors Interim efficiency Economia Economia Modelos econométricos |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia Modelos econométricos |
description |
Recently Kajii and (2008) proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2008) proposed a necessary and sufficient condition on the set of posteriors. However, when agents have Gilboa--Schmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008). |
publishDate |
2009 |
dc.date.accessioned.fl_str_mv |
2009-07-14T16:08:51Z 2010-09-23T18:57:07Z |
dc.date.available.fl_str_mv |
2009-07-14T16:08:51Z 2010-09-23T18:57:07Z |
dc.date.issued.fl_str_mv |
2009-07-14 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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http://hdl.handle.net/10438/2687 |
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http://hdl.handle.net/10438/2687 |
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eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;696 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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