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Heterogeneity, Efficiency, and Asset Allocation with Endogenous Labor Supply: The Static Case

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Author Info
Marcelo Bianconi () (Tufts University)

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Abstract

We ask whether ex-post inefficiencies consistent with ex-ante efficiency in consumption and labor allocations are compatible with substantive movements in asset allocation. The answer we obtain depends crucially on the market regime relative to unemployment insurance. If there are complete markets for unemployment insurance, asset allocation movements are small in the presence of ex-post inefficiency. But if there are incomplete markets for unemployment insurance, asset allocation movements can be large. The direction of the asset movement is towards more diversification.

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Publisher Info
Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 1999 with number 354.

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Date of creation: 01 Mar 1999
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Handle: RePEc:sce:scecf9:354

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Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA
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  1. Marcelo Bianconi, 2004. "The Welfare Gains from Stabilization in a Stochastically Growing Economy with Idiosyncratic Shocks and Flexible Labor Supply," Discussion Papers Series, Department of Economics, Tufts University 0413, Department of Economics, Tufts University. [Downloadable!]
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  2. Marcelo Bianconi, 2004. "Aggregate and Idiosyncratic Risk and the Behavior of Individual Preferences under Moral Hazard," Discussion Papers Series, Department of Economics, Tufts University 0410, Department of Economics, Tufts University. [Downloadable!]
  3. Marcelo Bianconi, 2004. "Heterogeneity, Adverse Selection and Valuation with Endogenous Labor Supply," Discussion Papers Series, Department of Economics, Tufts University 0412, Department of Economics, Tufts University. [Downloadable!]
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