Egbert Dierker (University of Vienna) Hildegard Dierker (University of Vienna) Birgit Grodal (University of Copenhagen)
Abstract
We consider economies with incomplete markets, production, an a given distribution of initial endowments. The main purpose of the paper is to present a robust example of an economy with only one firm and one good per state in which no production decision entails a constrained efficient outcome. In particular, the unique Drèze equilibrium is dominated by every other production decision.
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics. Centre for Industrial Economics in its series CIE Discussion Papers with number
2000-07.
Length: 15 pages Date of creation: Oct 2000 Date of revision: Publication status: Published in: Econometrica. May 2002; 70(3): 1245-51 Handle: RePEc:kud:kuieci:2000-07