Portrait of Jean-Marc Tallon

Jean-Marc Tallon

Professor, Paris School of Economics · Director of Research, CNRS

Head of Paris Jourdan Sciences Économiques, UMR 8545

Head of Research, Paris School of Economics

Campus Jourdan — 48, boulevard Jourdan, 75014 Paris — 5th floor, office 11

Tel. +33 1 80 52 16 91 · jean-marc.tallon@psemail.eu

Curriculum vitae (PDF)

Research

I work on decision theory under uncertainty and ambiguity, its implications for financial markets and general equilibrium, and on the aggregation of heterogeneous preferences and beliefs. Recent work addresses sharing model uncertainty, ambiguity-driven portfolio choice, robust social decisions, and experimental investigations of imprecision attitudes.

Education & Positions

Working Papers

  1. Coping with Imprecise Information: a Decision Theoretic Approach — with T. Gajdos and J.-C. Vergnaud. Revised May 2005. Merged with an independent paper by T. Hayashi into the joint paper Attitude toward Imprecise Information (Journal of Economic Theory, 2008); please cite the GHTV paper instead. [PDF]
  2. Contradicting Beliefs and Communication — with J.-C. Vergnaud and S. Zamir. EUREQua WP 2003-13, January 2003.
  3. Controverses et prise de décision — with T. Gajdos and J.-C. Vergnaud. EUREQua WP 2002-74.

Publications

  1. 2026 Discussion of “Formalization and Applications of the Precautionary Principle” (by C. Henry & M. Henry), Annals of Economics and Statistics, n° 161, March 2026.
  2. 2026 Sharing model uncertainty — with C. Hara, S. Mukerji and F. Riedel, American Economic Journal: Microeconomics, 2026. Earlier version: Efficient allocations under ambiguous model uncertainty, October 2022.
  3. 2024 Alpha-maxmin as an aggregation of two selves — with A. Chateauneuf, J. H. Faro and V. Vergopoulos, Journal of Mathematical Economics, 2024, vol. 113, 103006.
  4. 2023 Trading ambiguity: a tale of two heterogeneities — with S. Mukerji and H. Ozsoylev, International Economic Review, 2023, vol. 64, pp. 1127–1164.
  5. 2023 Tailored recommendations — with E. Danan and T. Gajdos, Social Choice and Welfare, 2023, vol. 60, pp. 15–34 (online 2020).
  6. 2020 Market allocations under ambiguity: a survey — with A. Billot and S. Mukerji, Revue Économique, 2020, vol. 71, pp. 267–282.
  7. 2019 Ambiguity Preferences and Portfolio Choices: Evidence from the Field — with M. Bianchi, Management Science, 2019, vol. 65, n° 4, pp. 1486–1501. Online Appendix
  8. 2018 Dynamically Consistent Preferences Under Imprecise Probabilistic Information — with F. Riedel and V. Vergopoulos, Journal of Mathematical Economics, 2018, vol. 79, pp. 117–124.
  9. 2018 Ambiguity and the Historical Equity Premium — with F. Collard, S. Mukerji and K. Sheppard, Quantitative Economics, 2018, vol. 9, pp. 945–993.
  10. 2017 Flexible contracts — with P. Gottardi and P. Ghirardato, Games and Economic Behavior, 2017, vol. 103, pp. 145–167.
  11. 2016 Robust Social Decisions — with E. Danan, T. Gajdos and B. Hill, American Economic Review, 2016, vol. 106(9), pp. 2407–2425. Previously circulated as Aggregating Tastes, Beliefs, and Attitudes under Uncertainty, 2014.
  12. 2016 Ambiguïté, comportements et marchés financiers — with M. Jeleva, L’Actualité Économique, 2016, vol. 92, pp. 351–383.
  13. 2015 Harsanyi’s aggregation theorem with incomplete preferences — with E. Danan and T. Gajdos, American Economic Journal: Microeconomics, 2015, vol. 7(1), pp. 61–69.
  14. 2013 Aggregation of sets of von Neumann–Morgenstern utilities — with E. Danan and T. Gajdos, Journal of Economic Theory, 2013, vol. 148(2), pp. 663–688.
  15. 2012 Decision theory under ambiguity — with J. Etner and M. Jeleva, Journal of Economic Surveys, 2012, vol. 26(2), pp. 234–270.
  16. 2011 An experimental investigation of imprecision attitude and its relation with risk attitude and impatience — with M. Cohen and J.-C. Vergnaud, Theory and Decision, 2011, vol. 71(1), pp. 81–110.
  17. 2011 Are beliefs a matter of taste? A case for Objective Imprecise Information — with R. Giraud, Theory and Decision, 2011, vol. 71(1), pp. 23–32.
  18. 2008 Representation and Aggregation of Preferences under Uncertainty — with T. Gajdos and J.-C. Vergnaud, Journal of Economic Theory, 2008, vol. 141(1), pp. 68–99. Previous title: On the Impossibility of Preference Aggregation under Uncertainty.
  19. 2008 A comment on “Ellsberg’s 2-color experiment, portfolio inertia and ambiguity” — with Y. Higashi, S. Mukerji and N. Takeoka, International Journal of Economic Theory, 2008, vol. 4, pp. 433–444.
  20. 2008 Attitude toward imprecise information — with T. Gajdos, T. Hayashi and J.-C. Vergnaud, Journal of Economic Theory, 2008, vol. 140(1), pp. 23–56.
  21. 2007 Incertitude et information en économie de l’environnement. Choix privés et attitudes individuelles face à l’incertitude — with J.-C. Vergnaud, Revue Française d’Économie, 2007, vol. XXII(2), pp. 3–56.
  22. 2006 Incertitude stratégique et sélection d’équilibre : deux applications, Revue d’Économie Industrielle, special issue “Processus de contagion et interactions stratégiques”, n° 114–115, pp. 105–118, Sept. 2006.
  23. 2006 Beliefs and dynamic consistency — with J.-C. Vergnaud, Chapter 7 in Knowledge, Beliefs and Economics, R. Arena and A. Festré (eds.), Edward Elgar, 2006.
  24. 2005 Monotone continuous multiple priors — with M. Marinacci, F. Maccheroni and A. Chateauneuf, Economic Theory, 2005, vol. 26(4), pp. 973–982.
  25. 2004 Ambiguity aversion and the absence of debt indexation — with S. Mukerji, Economic Theory, 2004, vol. 24(3), pp. 665–685. Longer version in Essays in Dynamic General Equilibrium Theory — Festschrift for David Cass, Studies in Economic Theory, vol. 20, Citanna, Donaldson, Polemarchakis, Siconolfi, Spear (eds.), Springer, 2005, pp. 143–180.
  26. 2004 An overview of economic applications of David Schmeidler’s models of decision making under uncertainty — with S. Mukerji, Chapter 13 in Uncertainty in Economic Theory — Essays in honor of David Schmeidler’s 65th birthday, I. Gilboa (ed.), Routledge, 2004.
  27. 2004 Communication among agents: a way to revise beliefs in KD45 Kripke structures — with J.-C. Vergnaud and S. Zamir, Journal of Applied Non-Classical Logic, 2004, vol. 14(4), pp. 477–500.
  28. 2004 Choice axioms for a positive value for information — with J.-C. Vergnaud, Chapter 14 in Cognitive Economics, P. Bourgine and J.-P. Nadal (eds.), Springer, 2004.
  29. 2004 Ambiguity aversion and the absence of wage indexation — with S. Mukerji, Journal of Monetary Economics, 2004, vol. 51(3), pp. 653–670.
  30. 2004 Decision making with imprecise probabilistic information — with T. Gajdos and J.-C. Vergnaud, Journal of Mathematical Economics, 2004, vol. 40(6), pp. 647–681.
  31. 2003 Ellsberg’s 2-color experiment, portfolio inertia and ambiguity — with S. Mukerji, Journal of Mathematical Economics, 2003, vol. 39(3–4), pp. 299–316. Correction: comment with Higashi, Mukerji, Takeoka.
  32. 2002 Fairness under uncertainty — with T. Gajdos, Economics Bulletin, 2002, vol. 4, n° 18, pp. 1–7.
  33. 2002 Quels outils pour l’expression des croyances dans l’incertain ? — with J.-C. Vergnaud, Risques, 2002, n° 49, pp. 93–98.
  34. 2002 Bargaining over an uncertain outcome: the role of beliefs — with A. Billot, A. Chateauneuf and I. Gilboa, Decisions in Economics and Finance, 2002, vol. 25(1), pp. 33–45.
  35. 2002 Beliefs and Pareto efficient sets: a remark — with T. Gajdos, Journal of Economic Theory, 2002, vol. 102(2), pp. 467–471.
  36. 2002 Diversification, convex preferences and non-empty core in the Choquet expected utility model — with A. Chateauneuf, Economic Theory, 2002, vol. 19(3), pp. 509–523.
  37. 2002 Sharing beliefs and the absence of betting in the Choquet expected utility model — with A. Billot, A. Chateauneuf and I. Gilboa, Statistical Papers, 2002, n° 43, pp. 127–136.
  38. 2001 Ambiguity aversion and incompleteness of financial markets — with S. Mukerji, Review of Economic Studies, 2001, vol. 68(4), pp. 883–904. Longer version available.
  39. 2000 Optimal risk-sharing rules and equilibria with non-additive expected utility — with A. Chateauneuf and R.-A. Dana, Journal of Mathematical Economics, 2000, vol. 34(2), pp. 191–214.
  40. 2000 Allais’ trading process and the dynamic evolution of a market economy — with J.-M. Courtault, Economic Theory, 2000, vol. 16(2), pp. 477–481.
  41. 2000 Décision dans le risque et l’incertain : l’apport des modèles non-additifs — with M. Cohen, Revue d’Économie Politique, 2000, vol. 110(5), pp. 631–681.
  42. 2000 Sharing beliefs: between agreeing and disagreeing — with A. Billot, A. Chateauneuf and I. Gilboa, Econometrica, 2000, vol. 68(3), pp. 685–694.
  43. 2000 Pessimisme et absence d’échange sur les marchés financiers, Revue d’Économie Politique, 2000, vol. 110(2), pp. 231–241.
  44. 1998 Unawareness and Bankruptcy: a General Equilibrium Model — with S. Modica and A. Rustichini, Economic Theory, 1998, vol. 12(2), pp. 259–292.
  45. 1998 Asymmetric Information, Non-Additive Expected Utility and the Information Revealed by Prices: An Example, International Economic Review, 1998, vol. 39, pp. 329–342.
  46. 1998 Do sunspots matter when agents are Choquet-expected-utility maximizers?, Journal of Economic Dynamics and Control, 1998, vol. 22, pp. 357–368.
  47. 1997 Équilibre général. Une introduction, Vuibert, 1997 (textbook).
  48. 1997 Risque microéconomique et prix d’actifs dans un modèle d’équilibre général avec espérance d’utilité dépendante du rang, Finance, Revue de l’Association Française de Finance, 1997, n° 18, pp. 139–153.
  49. 1997 Risque microéconomique, aversion à l’incertitude et indétermination de l’équilibre, Annales d’Économie et de Statistique, 1997, n° 48, pp. 211–226.
  50. 1996 Optimalité de la politique monétaire dans une économie financière de marchés — with F. Portier, Revue d’Économie Politique, 1996, n° 3, pp. 451–464.
  51. 1996 On Multiple Equilibria and the Rational Expectations Hypothesis, Economic Theory, 1996, n° 7, pp. 113–124.
  52. 1995 On the Non-Neutrality and Optimality of Monetary Policy when Financial Markets are Incomplete: A Macroeconomic Perspective — with F. Portier, Ricerche Economiche, 1995, n° 49, pp. 33–49.
  53. 1995 Théorie de l’équilibre général avec marchés financiers incomplets, Revue Économique, 1995, n° 6, pp. 1207–1241.
  54. 1992 Real Indeterminacy of Equilibria in a Sunspot Economy with Inside Money — with S. Suda and A. Villanacci, Economic Theory, 1992, n° 2, pp. 309–319.

PhD Students