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Notes on the Suboptimality Result of J. D. Geanakoplos and H. M. Polemarchakis (1986)

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  • Antonio Jimenez-Martínez

    (Universidad de Guanajuato)

Abstract

J. D. Geanakoplos and H. M. Polemarchakis (1986) prove the generic constrained suboptimality of equilibrium allocations in two period economies with incomplete markets. They perturb asset prices at equilibrium when the degree of market incompleteness equals one. Since prices do not parameterize the economy, a generic result cannot be obtained in such a way. These notes provide a detailed version of their proof in which utilities and endowments are perturbed.

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Bibliographic Info

Article provided by El Colegio de México, Centro de Estudios Económicos in its journal Estudios Económicos.

Volume (Year): 22 (2007)
Issue (Month): 1 ()
Pages: 111-136

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Handle: RePEc:emx:esteco:v:22:y:2007:i:1:p:111-136

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Web page: http://www.colmex.mx/centros/cee/
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Keywords: incomplete asset markets constrained suboptimality; transversality theory.;

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  1. Newbery, David M G & Stiglitz, Joseph E, 1982. "The Choice of Techniques and the Optimality of Market Equilibrium with Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 223-46, April.
  2. Chattopadhyay, Subir & Gottardi, Piero, 1999. "Stochastic OLG Models, Market Structure, and Optimality," Journal of Economic Theory, Elsevier, vol. 89(1), pages 21-67, November.
  3. Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 241-61, April.
  4. Atsushi Kajii & Antonio Villanacci & Alessandro Citanna, 1998. "Constrained suboptimality in incomplete markets: a general approach and two applications," Economic Theory, Springer, vol. 11(3), pages 495-521.
  5. Geanakoplos, J D & Polemarchakis, H M, 1980. "On the Disaggregation of Excess Demand Functions," Econometrica, Econometric Society, vol. 48(2), pages 315-31, March.
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