Journal article
Equilibrium theory with satiable and non-ordered preferences
Journal of mathematical economics, Vol.47(2), pp.245-250
03/01/2011
DOI: 10.1016/j.jmateco.2010.12.019
Abstract
This paper investigates the existence of equilibrium in an economy where preferences may be non-ordered and possibly satiable. Remarkably, satiation is allowed to occur only inside the set of feasible and individually rational allocations. One important class of its applications is new developments of asset pricing models where Knightian uncertainty makes preferences incomplete while the absence of a riskless asset makes them satiable. Thus, the result of the paper extends
Won et al. (2008) to the case that preferences need be neither complete nor transitive.
Details
- Title: Subtitle
- Equilibrium theory with satiable and non-ordered preferences
- Creators
- Dong Chul Won - Ajou UniversityNicholas C. Yannelis - University of Manchester
- Resource Type
- Journal article
- Publication Details
- Journal of mathematical economics, Vol.47(2), pp.245-250
- Publisher
- Elsevier B.V
- DOI
- 10.1016/j.jmateco.2010.12.019
- ISSN
- 0304-4068
- eISSN
- 1873-1538
- Language
- English
- Date published
- 03/01/2011
- Academic Unit
- Economics
- Record Identifier
- 9984380424602771
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