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What is Un-Common Preferences, Ambiguity and Coordination about?
The paper investigates higher-order expectations and the common-prior assumption in scenarios where agents have different information and preferences that extend beyond subjective expected utility (SEU). It characterizes interim preferences and equilibrium prices in financial networks, revealing that high-coordination motives can lead to significant mispricing when agents are misspecified. The findings emphasize that coordination can diminish the impact of ambiguity on market prices, potentially resulting i
- Author
- bailid697
- Language
- EN