Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete
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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Volume (Year): 70 (2002)
Issue (Month): 3 (May)
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- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 1999.
"Incomplete Markets and the Firm,"
99-03, University of Copenhagen. Department of Economics.
- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 1999. "Incomplete Markets and the Firm," CIE Discussion Papers 1999-05, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
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