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Existence and generic efficiency of equilibrium in two-period economies with private state-verification

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  • João Correia da Silva

    ()
    (CEF.UP, Faculdade de Economia, Universidade do Porto)

  • Carlos Hervés-Beloso

    ()
    (Universidad de Vigo)

Abstract

Private state-verification is introduced in a two-period economy with spot markets in both periods and complete futures markets for contingent delivery in the second period. Existence of equilibrium is established, under standard assumptions. The equilibrium allocation is shown to be generically efficient if the number of states is not greater than the number of goods.

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File URL: http://www.fep.up.pt/investigacao/workingpapers/12.01.18_wp443.pdf
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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 443.

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Length: 24 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:por:fepwps:443

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Related research

Keywords: General equilibrium; Differential information; Private state-verification; Two-period economies; Existence of equilibrium; Generic efficiency;

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References

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  1. Joao Correia-da-Silva & Carlos Herves-Beloso, 2010. "Two-period economies with private state verification," FEP Working Papers 374, Universidade do Porto, Faculdade de Economia do Porto.
  2. Belén Jerez, 2003. "Incentive Compatibility And Pricing Under Moral Hazard," Economics Working Papers we035722, Universidad Carlos III, Departamento de Economía.
  3. Bisin, Alberto & Gottardi, Piero, 1999. "Competitive Equilibria with Asymmetric Information," Journal of Economic Theory, Elsevier, vol. 87(1), pages 1-48, July.
  4. João Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," Levine's Bibliography 321307000000000099, UCLA Department of Economics.
  5. Dierker, Egbert, 1993. "Regular economies," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 17, pages 795-830 Elsevier.
  6. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  7. Alberto Bisin & Piero Gottardi, 2005. "Efficient Competitive Equilibria with Adverse Selection," CESifo Working Paper Series 1504, CESifo Group Munich.
  8. DEBREU, Gérard, . "Economies with a finite set of equilibria," CORE Discussion Papers RP -67, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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