Showing 1 - 10 of 10
Persistent link: https://www.econbiz.de/10002012585
Persistent link: https://www.econbiz.de/10002983332
Persistent link: https://www.econbiz.de/10001732290
Persistent link: https://www.econbiz.de/10003336872
Persistent link: https://www.econbiz.de/10003543133
Persistent link: https://www.econbiz.de/10011583603
We provide conditions on a one-period-two-date pure exchange economy with rank-dependent utility agents under which Arrow-Debreu equilibria exist. When such an equilibrium exists, we derive the state-price density explicitly, which is a weighted marginal rate of substitution between the initial...
Persistent link: https://www.econbiz.de/10013100756
In this paper we develop a set of axioms for preferences under uncertainty which leads to a representation result unifying the Choquet expected utility preferences of Schmeidler (1989) and the uncertainty averse preferences of Cerreia-Vioglio et al (2011). The maxmin Choquet expected utility, as...
Persistent link: https://www.econbiz.de/10013078607
This paper investigates monotone solutions of the moral hazard problems without the monotone likelihood ratio property. The optimal monotone solutions are explicitly characterized by a concave envelope relaxation approach for a two-action model in which the principal is risk neutral or exhibits...
Persistent link: https://www.econbiz.de/10014112560
We study Arrow-Debreu equilibria for a one-period-two-date pure exchange economy with rank-dependent utility agents having heterogeneous probability weighting and outcome utility functions. In particular, we allow the economy to have a mix of expected utility agents and rank-dependent utility...
Persistent link: https://www.econbiz.de/10012913208