Abstract
In the past two decades, the implications of Knightian uncertainty have been explored in several general equilibrium settings. As shown by (Econometrica 60: 197–204 (1992)) Dow and Werlang (1992), (J Econ Dyn Control 22: 357–368 (1998)) Tallon (1998), (J Math Econ 61: 953–957 (2000)) Chateauneuf et al. (2000), and (Econ Theo 23: 569–587 (2004))Dana (2004), one of the most important findings in the existing literature is that indeterminacy of equilibria can be generated in the static Arrow-Debreu economy under Knightian uncertainty when there is no aggregate uncertainty.
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