Equilibria Under Knightian Price Uncertainty

Beißner P, Riedel F (2019)
Econometrica 87(1): 37-64.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Abstract / Bemerkung
We study economies with Knightian uncertainty about state prices. We introduce an equilibrium concept with sublinear prices and prove that equilibria exist under weak conditions. In general, such equilibria lead to inefficient allocations; they coincide with Arrow-Debreu equilibria if and only if the values of net trades are ambiguity-free in mean. In economies without aggregate uncertainty, inefficiencies are generic. Equilibrium allocations under price uncertainty are efficient in a constrained sense that we call uncertainty-neutral efficient. Arrow-Debreu equilibria turn out to be non-robust with respect to the introduction of Knightian uncertainty.
Erscheinungsjahr
2019
Zeitschriftentitel
Econometrica
Band
87
Ausgabe
1
Seite(n)
37-64
ISSN
0012-9682
eISSN
1468-0262
Page URI
https://pub.uni-bielefeld.de/record/2933919

Zitieren

Beißner P, Riedel F. Equilibria Under Knightian Price Uncertainty. Econometrica. 2019;87(1):37-64.
Beißner, P., & Riedel, F. (2019). Equilibria Under Knightian Price Uncertainty. Econometrica, 87(1), 37-64. doi:10.3982/ECTA14934
Beißner, P., and Riedel, F. (2019). Equilibria Under Knightian Price Uncertainty. Econometrica 87, 37-64.
Beißner, P., & Riedel, F., 2019. Equilibria Under Knightian Price Uncertainty. Econometrica, 87(1), p 37-64.
P. Beißner and F. Riedel, “Equilibria Under Knightian Price Uncertainty”, Econometrica, vol. 87, 2019, pp. 37-64.
Beißner, P., Riedel, F.: Equilibria Under Knightian Price Uncertainty. Econometrica. 87, 37-64 (2019).
Beißner, Patrick, and Riedel, Frank. “Equilibria Under Knightian Price Uncertainty”. Econometrica 87.1 (2019): 37-64.

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