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Efficiency of competitive equilibria with hidden action : the role of separable preferences

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  • PANACCIONE, Luca

Abstract

In the present paper we study the efficiency properties of competitive equilibria in economies with hidden action and multiple goods. We borrow the description of the economy from Lisboa [3] and we apply a method of proof close in spirit to the one used in the literature on incomplete financial markets economies. We are then able to show that Lisboa's original result of constrained efficiency rests crucially on the assumption of separable preferences and on the structure of uncertainty.

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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 2004019.

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Date of creation: 00 Apr 2004
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Handle: RePEc:cor:louvco:2004019

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Keywords: hidden action; separable preferences; constrained efficiency;

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