Generic non-existence of general equilibrium with EUU preferences under extreme ambiguity

C-Tier
Journal: Journal of Mathematical Economics
Year: 2015
Volume: 61
Issue: C
Pages: 185-191

Score contribution per author:

1.009 = (α=2.02 / 1 authors) × 0.5x C-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

In the presence of three or more realisations of the aggregate endowment that are extremely ambiguous, in the sense that all relative probabilities are admissible, if agents have preferences that are representable by expected uncertain utility functions (Gul and Pesendorfer, 2014), general equilibrium does not generically exist in finite economies. It always exists, however, in continuum economies.

Technical Details

RePEc Handle
repec:eee:mateco:v:61:y:2015:i:c:p:185-191
Journal Field
Theory
Author Count
1
Added to Database
2026-01-25