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Incomplete Markets and the Firm

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Author Info
Dierker, E.
Dierker, H.
Grodal, B.
Abstract

In this paper we analyze the welfare properties of the set of Dreze equilibria for economies with incomplete markets and firms. The well known fact that a Dreze equilibrium need not be constrained Pareto Optimal is often attributed to a lack of coordination between firms. We show that there are economies with a single firm in which no Dreze is constrained pareto efficient. Even a unique Dreze equilibrium need not be constrained Pareto efficient.

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Publisher Info
Paper provided by Washington St. Louis - School of Business and Political Economy in its series Papers with number 9902.

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Length: 28 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:waslbp:9902

Contact details of provider:
Postal: WASHINGTON UNIVERSITY IN ST-LOUIS, SCHOOL OF BUSINESS AND CENTER IN POLITICAL ECONOMY, ST-LOUIS MISSOURI 63130 U.S.A.
Web page: http://www.olin.wustl.edu/
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Related research
Keywords: ECONOMIC EQUILIBRIUM ; MARKET STRUCTURE ; BUSINESS ORGANIZATION;

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D40 - Microeconomics - - Market Structure and Pricing - - - General

Cited by:
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  1. Mario Tirelli, 2003. "Income taxation when markets are incomplete," Decisions in Economics and Finance, Springer, vol. 26(2), pages 97-128, November. [Downloadable!] (restricted)
    Other versions:
  2. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2001. "Nonexistence of constrained Efficient Equilibria when Markets are Incomplete," Vienna Economics Papers 0111, University of Vienna, Department of Economics. [Downloadable!]
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This page was last updated on 2009-12-16.

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