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
Mots-clés
- Demand function
- General equilibrium
- Ambiguity aver-sion
- Multiprior preferences
- Regular economies
- Lipschitz behavior
Pages
- 24-36
URL de la notice HAL
Version
- 1
Volume
- 59