Overlapping risk adjusted sets of priors and the existence of efficient allocations and equilibria with short-selling

The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. A sufficient condition for existence of efficient allocations is that the relative interiors of the risk adjusted sets of expectations overlap. This condition is necessary if agents are not risk neutral at extreme levels of wealths either positive or negative. It is equivalent to the condition that there does not exist mutually compatible trades, with non negative expected value with respect to any risk adjusted prior, strictly positive for some agent and some prior. It is shown that the more uncertainty averse and the more risk averse the agents, the more likely are efficient allocations and equilibria to exist.Uncertainty;risk;common prior;equilibria with shortselling;Variational preferences

No-arbitrage, overlapping sets of priors and the existence of efficient allocations and equilibria in the presence of risk and ambiguity

The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. A sufficient condition for existence of efficient allocations is that the relative interiors of the risk adjusted sets of expectations overlap. This condition is necessary if agents are not risk neutral at extreme levels of wealths either positive or negative. It is equivalent to the condition that there does not exist mutually compatible trades, with non negative expected value with respect to any risk adjusted prior, strictly positive for some agent and some prior. It is shown that the more uncertainty averse and the more risk averse, the more likely are efficient allocations and equilibria to exist.Uncertainty, risk, common prior, equilibria with short-selling, variational preferences.

Overlapping sets of priors and the existence of efficient allocations and equilibria for risk measures

The overlapping expectations and the collective absence of arbitrage conditions introduced in the economic literature to insure existence of Pareto optima and equilibria when short-selling is allowed and investors hold a single belief about future returns, is reconsidered. Investors use measures of risk. The overlapping sets of priors and the Pareto equilibrium conditions introduced by Heath and Ku for coherent risk measures are reinterpreted as a weak no-arbitrage and a weak collective absence of arbitrage conditions and shown to imply existence of Pareto optima and Arrow Debreu equilibria.Overlapping sets of priors, collective absence of arbitrage, equilibria with short-selling, risk sharing, measures of risk.

Overlapping sets of priors and the existence of efficient allocations and equilibria for risk measures

The overlapping expectations and the collective absence of arbitrage conditions introduced in the economic literature to insure existence of Pareto optima and equilibria with short-selling when investors have a single belief about future returns, is reconsidered. Investors use measures of risk. The overlapping sets of priors and the Pareto equilibrium conditions introduced by Heath and Ku for coherent risk measures are respectively reinterpreted as a weak no-arbitrage and a weak collective absence of arbitrage conditions and shown to imply existence of Pareto optima and Arrow-Debreu equilibria.Overlapping sets of priors;collective absence of arbitrage;equilibria with short-selling;measures of risk

General equilibrium in asset markets with or without short-selling

Equilibrium Theory;Assets

Non-standard work schedules, gender, and parental stress

Support for this research was provided by the Social Sciences and Humanities Research Council (SSHRC) and the McGill Canada Research Chair on Social Statistics and Family Change. The analysis was conducted at the Quebec Interuniversity Centre for Social Statistics which is part of the Canadian Research Data Centre Network (CRDCN). The services and activities provided by the QICSS are made possible by the financial or in-kind support of SSHRC, CIHR, CFI, Statistics Canada, FRQSC and Quebec universities. In addition, Dana Hamplova‟s work was supported by financial support from the Czech Science Foundation (Grant GA14-15008S)Background Working non-standard hours changes the temporal structure of family life, constraining the time that family members spend with one another and threatening individuals‟ well-being. However, the empirical research on the link between stress and non-standard schedules has provided mixed results. Some studies have indicated that working non-standard hours is harmful whereas others have suggested that working atypical hours might facilitate the balance between family and work. Moreover, there is some evidence that the association between stress and non-standard employment has different implications for men and women. Objective This paper examines the association between non-standard work schedules and stress among dual-earner couples with children. Two research questions are addressed. First, do predictability of the schedule and time flexibility moderate the link between non-standard work hours and stress? Second, do non-standard schedules affect men‟s and women‟s perceptions of stress differently? Methods We use a sample of 1,932 working parents from the Canadian 2010 General Social Survey, which includes a time-use diary. A sequential logit regression analysis stratified by gender is employed to model two types of result. First, we estimate the odds of being stressed versus not being stressed. Second, for all respondents feeling stressed, we estimate the odds of experiencing high levels versus moderate levels of stress. Results Our analysis shows that the link between non-standard working hours and perceived stress differs between mothers and fathers. First, fathers with non-standard schedules appear more likely to experience stress than those working standard hours, although the results are not significant. Among mothers, having a non-standard schedule is associated with a significantly lower risk of experiencing stress. Second, the analysis focusing on the mediating role of flexibility and predictability indicates that predictability is more important than flexibility. Workers with non-standard predictable schedules exhibit a lower risk of being stressed than those with non-standard unpredictable hours. Work flexibility does not seem to bring any additional advantage to women. However, it is linked to higher odds of being stressed for fathers, particularly among those having non-standard schedules