Surprise and default in general equilibrium

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-01 DOI:10.3982/te4943

Keisuke Teeple

引用次数: 0

Abstract

I model an incomplete markets economy where unaware agents do not perceive all states of nature, so unintended default can occur when asset returns differ from what was perceived. The presence of default plays a crucial role in the proof of existence—particularly in economies where beliefs are biased—by removing perceived arbitrage opportunities with respect to delivery‐adjusted asset returns. The First Fundamental Welfare Theorem fails because of default and pecuniary inefficiencies, but the Second Fundamental Welfare Theorem holds for economies with no aggregate risk. Welfare is shown to not necessarily be monotonic in discovery or the increasing of awareness.

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一般均衡中的意外和违约

我建立了一个不完全市场经济模型，在这个模型中，不知情的代理人无法感知到所有的自然状态，因此，当资产回报与所感知的不同时，意外违约就会发生。违约的存在在存在的证明中起着至关重要的作用——特别是在信念有偏见的经济体中——通过消除与交付调整后的资产回报相关的感知套利机会。第一基本福利定理由于违约和货币效率低下而失效，但第二基本福利定理适用于没有总风险的经济体。福利在发现或意识的增加中并不一定是单调的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.