Sharing Model Uncertainty
研究了消费者具有异质性平滑模糊偏好且面临共同模型不确定性时的有效配置，推导了异质性模糊厌恶下的共享规则，并发现代表性消费者的模糊厌恶与典型消费者不同，从而产生更合理的资产定价预测。
This paper examines efficient allocations in economies where consumers exhibit heterogeneous smooth ambiguity preferences and face model uncertainty with a common set of identifiable models. Aggregate endowment is ambiguous. We characterize economies where the representative consumer is of the smooth ambiguity type and derive efficient sharing rules. Heterogeneous ambiguity aversion leads to sharing rules that systematically differ from those in vNM economies. The representative consumer’s ambiguity aversion differs from that of the typical consumer; this leads to more compelling asset-pricing predictions. We focus on point-identified models but show that our insights extend to partially identified models.