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- W320499611 abstract "In models with heterogeneous beliefs, we cannot analyze policy interventions using standard methods of welfare economics. We develop a novel way of assessing welfare in such models, building on risk sharing rather than the Pareto property as the concept of efficiency. Differences of opinion engender speculative motives that frustrate risk sharing and encourage self-destructive betting. In particular, unregulated competitive equilibria in the presence of belief heterogeneity cause excessive risk-taking and insufficient risk sharing in terms of social welfare. Our analysis calls for strict regulations of fi nancial markets cursed by belief divergences, such as the controversial naked credit default swaps." @default.
- W320499611 created "2016-06-24" @default.
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- W320499611 date "2012-01-01" @default.
- W320499611 modified "2023-09-27" @default.
- W320499611 title "Assessing Welfare in Models with Heterogeneous Beliefs" @default.
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- W320499611 doi "https://doi.org/10.2139/ssrn.1958706" @default.
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