On efficiency in disagreement economies
研究了存在风险和分歧的经济中多种基于信念的效率度量,包括信念中性效率、不完全知识效率、一致同意效率等,并给出等价条件和差异示例,对理解不同经济环境下效率标准的选择有参考价值。
Abstract We analyze multiple-beliefs based efficiency measures in economies with risk and disagreement, including belief neutral efficiency and inefficiency, incomplete knowledge efficiency, efficiency based on unanimity, and utility aggregators that minimize Bergson welfare functions over multiple beliefs. We provide equivalence results under technical conditions that are satisfied in several work-horse economies, including the exchange economy and a standard economy with a linear production technology. We also provide several examples for which these measures differ. Our results show that the further away one gets from the standard exchange economy, the more the different multiple-beliefs based measures differ in the allocations they identify as efficient, in general. Consequently, the more important the choice of efficiency measure becomes.