Ambiguity aversion in the long run: “To disagree, we must also agree”

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dc.contributor.authorAraujo, Aloisio
dc.contributor.authorSilva, Pietro da
dc.contributor.authorJOSÉ HELENO FARO
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorAraujo, Aloisio
dc.creatorSilva, Pietro da
dc.date.accessioned2022-08-16T23:11:05Z
dc.date.available2022-08-16T23:11:05Z
dc.date.issued2016
dc.description.otherWe consider an economy populated by smooth ambiguity-averse agents with complete markets of securities contingent to economic scenarios, where bankruptcy is permitted but there is a penalty for it. We show that if agents' posterior belief reductions given by their “average probabilistic beliefs” do not become homogeneous then an equilibrium does not exist. It is worth noting that our main result does not imply any convergence of ambiguity perception or even the attitudes towards it. In this way, complete markets with default and punishment allow for ambiguity aversion in the long run, and the agents can disagree on their ambiguity perception but they must agree on their expected beliefs.pt_BR
dc.format.extentp. 242-256pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1016/j.jet.2016.04.008pt_BR
dc.identifier.issn220531pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4018
dc.identifier.volume165pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofJournal of Economic Theorypt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsAmbiguity aversionpt_BR
dc.subject.keywordsBankruptcypt_BR
dc.subject.keywordsComplete marketspt_BR
dc.subject.keywordsConvergence of beliefspt_BR
dc.subject.keywordsPunishmentspt_BR
dc.subject.keywordsSmooth ambiguity modelpt_BR
dc.titleAmbiguity aversion in the long run: “To disagree, we must also agree”pt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://linkinghub.elsevier.com/retrieve/pii/S0022053116300199
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
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