Ambiguity Aversion in the Long Run: "To Disagree, We Must Also Agree"
dc.contributor.author | Araujo, Aloisio | |
dc.contributor.author | Silva, Pietro da | |
dc.contributor.author | JOSÉ HELENO FARO | |
dc.coverage.cidade | São Paulo | pt_BR |
dc.coverage.pais | Brasil | pt_BR |
dc.creator | Araujo, Aloisio | |
dc.creator | Silva, Pietro da | |
dc.date.accessioned | 2023-07-21T15:41:57Z | |
dc.date.available | 2023-07-21T15:41:57Z | |
dc.date.issued | 2015 | |
dc.description.abstract | We 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 agentsí posterior belief reductions given by their ìaverage proba bilistic beliefs" do not become homogeneous then an equilibrium does not exist. It is worth noting that our main result does not imply any conver gence of ambiguity perception or even the attitudes towards it. In this way, complete markets with default and punishment allows 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.extent | 16 p. | pt_BR |
dc.format.medium | Digital | pt_BR |
dc.identifier.issue | BEWP 222/2015 | |
dc.identifier.uri | https://repositorio.insper.edu.br/handle/11224/5905 | |
dc.language.iso | Inglês | pt_BR |
dc.publisher | Insper | pt_BR |
dc.relation.ispartofseries | Insper Working Paper | pt_BR |
dc.rights.license | O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR | pt_BR |
dc.subject.keywords | Convergence of Expectations | pt_BR |
dc.subject.keywords | Ambiguity Aversion | pt_BR |
dc.title | Ambiguity Aversion in the Long Run: "To Disagree, We Must Also Agree" | pt_BR |
dc.type | working paper | |
dspace.entity.type | Publication | |
local.subject.cnpq | Ciências Exatas e da Terra | pt_BR |
local.type | Working Paper | pt_BR |
relation.isAuthorOfPublication | 6f68f2a4-9e10-4c94-a5e8-62ba771c81d7 | |
relation.isAuthorOfPublication.latestForDiscovery | 6f68f2a4-9e10-4c94-a5e8-62ba771c81d7 |
Arquivos
Pacote original
1 - 1 de 1
N/D
- Nome:
- BEWP_222_2015_Ambiguity_aversion_in_the_long_run_to_disagree_we_must_also_agree_TC.pdf
- Tamanho:
- 308.16 KB
- Formato:
- Adobe Portable Document Format