作者：EPSTEIN, LG; WANG, T
作者单位：University of Waterloo
摘要：In conformity with the Savage model of decision-making, modem asset pricing theory assumes that agents' beliefs about the likelihoods of future states of the world may be represented by a probability measure. As a result, no meaningful distinction is allowed between risk, where probabilities are available to guide choice, and uncertainty, where information is too imprecise to be summarized adequately by probabilities. In contrast, Knight and Keynes emphasized the distinction between risk and u...
作者：BOLDRIN, M; RUSTICHINI, A
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. Our investigation encompasses models with bounded and unbounded accumulation paths, and models with one and two sectors of production. Under reasonable assumptions we find that equilibria are locally unique in one-sector economies. In economies with two sectors of production it is instead easy to construct examples where a positive external effect induces a two-dimensional...
