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 |
|---|---|
| 1. Verfasser: | |
| Weitere Verfasser: | |
| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
2005
|
| 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 |
| Online verfügbar |
Volltext |