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A Welfare Criterion for Models with Distorted Beliefs
belief disagreements distorted expectations speculation welfare criterion Pareto e￠ ciency belief-neutral e￠ ciency externalities
2014/3/18
This paper proposes a welfare criterion for economies in which agents have heterogeneously distorted beliefs. Instead of taking a stand on whose belief is correct, our
criterion asserts an allocation...
A note on heterogeneous beliefs with CRRA utilities
note on heterogeneous beliefs CRRA utilities
2010/11/1
This note will extend the research presented in Brown & Rogers (2009) to the case of CRRA agents. We consider the model outlined in that paper in which agents had diverse beliefs about the dividends p...
Heterogeneous Beliefs with Partial Observations
Heterogeneous Beliefs Partial Observations
2010/11/1
This paper examines a heterogeneous beliefs model in which there is a process that is only partially observed by the agents. The economy contains a risky asset producing dividends continuously in time...