We provide a general theorem on the aggregation of preferences under uncertainty. We study, in the Anscombe-Aumann setting a wide class of preferences, that includes most known models of decision under uncertainty (and state-dependent versions of these models). We prove that aggregation is...

It is widely thought that incomes risks can be shared by trading infinancial assets. But financial assets typically carry some riskidiosyncratic to them, hence, disposing incomes risk using financial assetswill involve buying into the inherent idiosyncratic risk. However, standardtheory argues...

We axiomatize in the Anscombe–Aumann setting a wide class of preferences called rank-dependent additive preferences that includes most known models of decision under uncertainty as well as state dependent versions of these models. We prove that aggregation is possible and necessarily linear if...

Ever since its introduction by Foley [1967] and Varian [1974], the notion of fairness has been one of the most extensively used notion to evaluate allocations on an ethical basis. Whereas there is an extensive literature on the efficiency properties of allocations in economies with uncertainty...

We show that when decision makers are of the multiple prior kind, there is an equivalence between no betting and non empty intersection of the sets of priors.

The final step in the proof of Proposition 1 (p.311) of Mukerji and Tallon (2003) may not hold in generalbecause $\varepsilon0$ in the proof cannot be chosen independently of $w,z$. We point out by a counterexample that the axioms they impose are too weak for Proposition 1. We introduce a...

Nous proposons dans cet article un panorama des modélisations de la prise de décision dans des situations de risque ou d'incertain. Une attention particulière est portée aux incertitudes environnementales. Après avoir rappelé les modèles canoniques d'espérance d'utilité, nous...

We show that, in a two-period economy with uncertainty in the second period, if an allocation is Pareto optimal for a given set of beliefs and remains optimal when these beliefs are changed, then the set of optimal allocations of the two economies must actually coincide. We identify equivalence...

We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton...

L'intérêt de l'approche par les jeux globaux ("global games'') est précisément d'ancrer les anticipations sur des variables exogènes réelles. On peut ainsi garder l'aspect auto-réalisateur des anticipations mais en restaurant l'unicité de l'équilibre et donc un meilleur pouvoir...