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Pareto improving price regulation when the asset market is incomplete

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Author Info

  • HERINGS, Jean-Jacques

    (Department of Econometrics and CentER, Tilburg University)

  • POLEMARCHAKIS, Heracles

    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

The asset market is incomplete. Fix-price equilibria exist. Price regulation Pareto improves on a competitive allocation.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1998041.

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Date of creation: 01 Jun 1998
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Handle: RePEc:cor:louvco:1998041

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Keywords: incomplete asset market; fix-price equilibria; Pareto improvement.;

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References

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  1. Citanna, A. & Polemarchakis, H.M. & Tirelli, M., 2006. "The taxation of trades in assets," Journal of Economic Theory, Elsevier, vol. 126(1), pages 299-313, January.
  2. repec:fth:louvco:9933 is not listed on IDEAS
  3. Kajii Atsushi, 1994. "Anonymity and Optimality of Competitive Equilibria when Markets Are Incomplete," Journal of Economic Theory, Elsevier, vol. 64(1), pages 115-129, October.
  4. Geanakoplos, J. D. & Polemarchakis, H. M., 1990. "Observability and optimality," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 153-165.
  5. 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.
  6. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
  7. Waugh, Frederick V, 1972. "The Consumer Does Benefit From Feasible Price Stability: A Comment," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 499, August.
  8. CHIAPPORI, Pierre-André & EKELAND, Ivar & KUBLER, Félix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices under uncertainty," CORE Discussion Papers 2000025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. Laroque, Guy, 1978. "The Fixed Price Equilibria: Some Results in Local Comparative Statics," Econometrica, Econometric Society, vol. 46(5), pages 1127-54, September.
  10. David Cass & Alessandro Citanna, 1998. "Pareto improving financial innovation in incomplete markets," Economic Theory, Springer, vol. 11(3), pages 467-494.
  11. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May.
  12. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-20, June.
  13. Laroque, Guy & Polemarchakis, Heraklis, 1978. "On the structure of the set of fixed price equilibria," Journal of Mathematical Economics, Elsevier, vol. 5(1), pages 53-69, March.
  14. repec:fth:louvco:0117 is not listed on IDEAS
  15. Samuelson, Paul A, 1972. "The Consumer Does Benefit From Feasible Price Stability: Rejoinder," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 500-503, August.
  16. Madden, Paul, 1982. "Catastrophic Walrasian Equilibrium from the Non-Walrasian Viewpoint: A Three-Good Macroeconomic Example," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 661-67, October.
  17. Oi, Walter Y, 1972. "The Consumer Does Benefit From Feasible Price Stability: A Comment," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 494-98, August.
  18. Newbery, David M G & Stiglitz, Joseph E, 1984. "Pareto Inferior Trade," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 1-12, January.
  19. Samuelson, Paul A, 1972. "The Consumer Does Benefit From Feasible Price Stability," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 476-93, August.
  20. DEBREU, Gérard, . "Smooth preferences," CORE Discussion Papers RP -132, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  21. Polemarchakis, H M, 1979. "Incomplete Markets, Price Regulation, and Welfare," American Economic Review, American Economic Association, vol. 69(4), pages 662-69, September.
  22. Herakles Polemarchakis, 2001. "The taxation of trades in assests," Working Papers 2001-21, Brown University, Department of Economics.
  23. Laroque, Guy, 1981. "On the Local Uniqueness of the Fixed Price Equilibria," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 113-29, January.
  24. Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December.
  25. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
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