JOUINI, ELYES; NAPP, CLOTILDE - In: Review of Economic Studies 74 (2007) 4, pp. 1149-1174
The aim of this paper is to analyse the impact of heterogeneous beliefs in an otherwise standard competitive complete market economy. The construction of a consensus probability belief, as well as a consensus consumer, is shown to be valid modulo an aggregation bias, which takes the form of a...
