Stochastic Independence under Knightian Uncertainty

被引:1
|
作者
Pejsachowicz, Leonardo [1 ]
机构
[1] Ecole Polytech, Dept Econ, Route Saclay, F-91128 Palaiseau, France
来源
REVUE D ECONOMIE POLITIQUE | 2016年 / 126卷 / 03期
关键词
Bewley preferences; stochastic independence; product equivalents; EQUILIBRIUM; BELIEFS; UTILITY;
D O I
10.3917/redp.263.0379
中图分类号
F [经济];
学科分类号
02 ;
摘要
We show that under Bewley preferences, the axion that usually characterizes stochastic independence is not sufficient to uniquely identify a model of independent beliefs. We thus introduce the concept of product equivalent of an act and show that it allows us to obtain a unique characterization of stochastic independence for the Bewley and multiple-priors expected utility models.
引用
收藏
页码:379 / 398
页数:20
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