A Welfare Criterion For Models With Distorted Beliefs
This article 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 that an allocation is belief-neutral efficient (inefficient) if it is efficient (inefficient) under any convex c...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
Oxford University Press
2016
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| Online Access: | http://hdl.handle.net/1721.1/103989 https://orcid.org/0000-0003-0840-1848 |