The Identification of Preferences from Equilibrium Prices under Uncertainty
نویسندگان
چکیده
The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individuals under uncertainty; this is the case even if the asset market is incomplete.
منابع مشابه
Government and Central Bank Interaction under Uncertainty: A Differential Games Approach
Abstract Today, debt stabilization in an uncertain environment is an important issue. In particular, the question how fiscal and monetary authorities should deal with this uncertainty is of much importance. Especially for some developing countries such as Iran, in which on average 60 percent of government revenues comes from oil, and consequently uncertainty about oil prices has a large effec...
متن کاملOrder-Driven Markets are Almost Competitive
This paper studies a market game under uncertainty in which agents may submit multiple limit and market orders. When agents know their preferences at all states, the competitive equilibrium can be supported as a Nash equilibrium of the market game, that is, agents behave as if they were price takers. Therefore, if the associated competitive economy has a fully revealing rational expectations eq...
متن کاملThe identification of preferences from equilibrium prices
The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the identification of fundamentals from aggregate demand as a function of the prices of commodities and the ...
متن کاملCentralized Supply Chain Network Ddesign: Monopoly, Duopoly, and Ooligopoly Competitions under Uncertainty
This paper presents a competitive supply chain network design problem in which one, two, or three supply chains are planning to enter the price-dependent markets simultaneously in uncertain environments and decide to set the prices and shape their networks. The chains produce competitive products either identical or highly substitutable. Fuzzy multi-level mixed integer programming is used to mo...
متن کاملUncertainty 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 statecontingent consumption bundles, as in Bewley (1986). Without completeness, individual decision making depends on a set of probability distributions over the state space. A bundle is preferred to another if and only if it ha...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
- J. Economic Theory
دوره 102 شماره
صفحات -
تاریخ انتشار 2002