Napp, Clotilde; Jouini, Elyès - HAL - 2006
markets discrete time economy. The construction of a consensus belief, as well as a consensus consumer are shown to be valid … modulo a predictable aggregation bias, which takes the form of a discount factor. We use our construction of a consensus … on the pessimism/doubt of the consensus consumer and we study their impact on the equilibrium characteristics (market …