A Welfare Criterion with Endogenous Welfare Weights for Belief Disagreement Models
Abstract
Belief disagreement generates a fundamental tension between two desirable features of a resource allocation: Pareto optimality and risk sharing. While Pareto optimality generally opposes restrictions to trade, a growing literature rejects it in the presence of heterogeneous beliefs and proposes welfare criteria that instead assume risk sharing as fundamentally desirable. We propose a welfare criterion that balances out these two desirable...
Paper Details
Title
A Welfare Criterion with Endogenous Welfare Weights for Belief Disagreement Models
Published Date
Jan 1, 2017
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