Ambiguity Aversion in the Long Run: "To Disagree, We Must Also Agree"

dc.contributor.authorAraujo, Aloisio
dc.contributor.authorSilva, Pietro da
dc.contributor.authorJOSÉ HELENO FARO
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorAraujo, Aloisio
dc.creatorSilva, Pietro da
dc.date.accessioned2023-07-21T15:41:57Z
dc.date.available2023-07-21T15:41:57Z
dc.date.issued2015
dc.description.abstractWe 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.extent16 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 222/2015
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5905
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO 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 EDITORpt_BR
dc.subject.keywordsConvergence of Expectationspt_BR
dc.subject.keywordsAmbiguity Aversionpt_BR
dc.titleAmbiguity Aversion in the Long Run: "To Disagree, We Must Also Agree"pt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Exatas e da Terrapt_BR
local.typeWorking Paperpt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7

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