Uncertainty and Risk in Financial Markets
This paper considers a general equilibrium model in which the distinction between uncertainty and risk is formalized by assuming agents have incomplete preferences over state-contingent consumption bundles, as in Bewley (1986). Without completeness, individual decision making depends on a set of pro...
Veröffentlicht in: | Econometrica. - Wiley. - 73(2005), 1, Seite 203-243 |
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Format: | Online-Aufsatz |
Sprache: | English |
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2005
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Zugriff auf das übergeordnete Werk: | Econometrica |
Schlagworte: | Knightian uncertainty General equilibrium theory Financial markets Determinacy of equilibria Absence of trade Incomplete preferences Economics Business Mathematics |
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