Intertemporal equilibria with Knightian uncertainty

Abstract

We study a dynamic and infinite–dimensional model with Knightian uncertainty modeled by incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk–adjusted prior and use the same subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective expected utility… (More)
DOI: 10.1016/j.jet.2013.04.005

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