学术报告新

Jean-Marc Tallon is Research Professor at the French National Centre for Scientific Research (CNRS) and Professor at the Paris School of Economics, where he also serves as Director of Research. He holds a PhD in Economics from the University of Pennsylvania. His research focuses on decision theory under uncertainty and its applications to financial markets and welfare economics. In particular, he studies how individuals and markets respond to ambiguity—situations in which the probabilities of possible outcomes are themselves uncertain. His work examines portfolio choice, risk sharing, and financial market equilibrium when individuals differ in their beliefs and attitudes towards uncertainty. Another major strand of his research explores how individual preferences and beliefs can be aggregated to inform collective decisions. Combining economic theory with empirical and experimental investigations, his research has appeared in leading journals, including the American Economic Review, the Journal of Economic Theory, Management Science, and the American Economic Journal: Microeconomics. He is a fellow of the Society for the Advancement of Economic Theory.

This paper examines efficient allocations in economies where consumers exhibit heterogeneous smooth ambiguity preferences and face model uncertainty with a common set of identifiable models. Aggregate endowment is ambiguous. We characterize economies where the representative consumer is of the smooth ambiguity type and derive efficient sharing rules. Heterogeneous ambiguity aversion leads to sharing rules that systematically differ from those in vNM-economies. The representative consumer’s ambiguity aversion differs from that of the typical consumer; this leads to more compelling asset-pricing predictions. We focus on point-identified models but show that our insights extend to partially-identified models.