Characterizing the efficient set when preferences are state-dependent

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We consider economic models under uncertainty where risk-averse decision makers must choose from a given set of random variables. This paper develops a price characterization of the set of efficient state-payoff bundles when preferences are risk averse and state dependent. We also show how the set of such efficient bundles varies when different classes of state-dependent utility functions are considered.

Original languageEnglish
Pages (from-to)417-423
Number of pages7
JournalJournal of Economic Theory
Issue number2
StatePublished - Apr 1987


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