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.
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 Biheng1, 2
, Jean-Marc Bonnisseau2, 1
1
CES -
Centre d'économie de la Sorbonne
( 15080 )
- Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13
- France
Université Paris 1 Panthéon-Sorbonne UMR8174 ( 7550 )
;
Centre National de la Recherche Scientifique UMR8174 ( 441569 )
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
École normale supérieure - Paris ( 59704 )
;
Université Paris Sciences et Lettres ( 564132 )
;
École des hautes études en sciences sociales ( 99539 )
;
École des Ponts ParisTech ( 301545 )
;
Centre National de la Recherche Scientifique ( 441569 )
;
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
Langue du document
Anglais
Date de production/écriture
2015-02
Nom de la revue
Journal of Mathematical Economics
(ISSN : 0304-4068)
Publié par Elsevier
Revue non référencée dans Sherpa-Romeo
Vulgarisation
Non
Comité de lecture
Oui
Audience
Internationale
Date de publication
2015
Date de publication électronique
2015-05-08
Volume
59
Page/Identifiant
24-36
URL éditeur
www.elsevier.com/locate/jmateco
Domaine(s)
Sciences de l'Homme et Société/Economies et finances
C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling
D - Microeconomics/D.D4 - Market Structure, Pricing, and Design
D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium
Financement
Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01.
This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01