Regular economies with ambiguity aversion

Article dans une revue: We consider a family of exchange economies with complete markets where consumers have multiprior preferences representing their ambiguity aversion. Under a linear independence assumption, we prove that regular economies are generic. Regular economies exhibit enjoyable properties: odd finite number of equilibrium prices, local constancy of this number, local differentiable selections of the equilibrium prices. Thus, even if ambiguity aversion is represented by non-differentiable multiprior preferences, economies retain generically the properties of the differentiable approach.

Auteur(s)

Noé Biheng, Jean-Marc Bonnisseau

Revue
  • Journal of Mathematical Economics
Date de publication
  • 2015
Mots-clés JEL
C6 D4 D5
Mots-clés
  • Demand function
  • General equilibrium
  • Ambiguity aver-sion
  • Multiprior preferences
  • Regular economies
  • Lipschitz behavior
Pages
  • 24-36
Version
  • 1
Volume
  • 59