This paper introduces ambiguous transfers to study the (partial) implementation problem. We show that under all profiles of utility functions, any efficient allocation rule is implementable via an individually rational and budget-balanced mechanism with ambiguous transfers, if and only if the...

Models of generalized recursive utility are becoming increasingly common as alternatives to discounted expected utility theory. These models have successfully explained many so-called, “anomalies” in field data, but often imply that agents have a preference over the timing of uncertainty...