Interim efficiency with MEU-preferences

• 成果类型: Article
• 署名作者: Filipe Martins-da-Rocha, V.
• 署名单位: Getulio Vargas Foundation
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.03.002
• 发表日期: 2010
• 页码: 1987-2017
• 关键词: Interim efficiency; Multiple priors and posteriors; maxmin expected utility; No-trade; common knowledge

摘要

Recently Kajii and Ui (2009) [17] proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2009) [17] proposed a necessary and sufficient condition on the set of posteriors. However, when agents have GilboaSchmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is to complete Kajii and Ui's work by proposing a necessary and sufficient condition for interim efficiency for various models of ambiguity aversion and in particular MaxMin expected utility. Our proof is based on a direct application of some results proposed by Rigotti, Shannon and Stralecki (2008) [24]. (C) 2010 Elsevier Inc. All rights reserved.