Competitive equilibrium with moral hazard in economies with multiple commodities
We study an economy with competitive commodity markets and exclusive pairwise contractual relations with moral hazard, where both the principal and the agent can be risk averse. We show existence of equilibria and their generic constrained suboptimality,
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|Date of creation:||Dec 1997|
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Web page: http://www.tepper.cmu.edu/
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- Atsushi Kajii & Antonio Villanacci & Alessandro Citanna, 1998. "Constrained suboptimality in incomplete markets: a general approach and two applications," Economic Theory, Springer, vol. 11(3), pages 495-521.
- Prescott, Edward C & Townsend, Robert M, 1984.
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Econometric Society, vol. 52(1), pages 21-45, January.
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- Harald Uhlig, 1996.
"A law of large numbers for large economies (*),"
Springer, vol. 8(1), pages 41-50.
- Malinvaud, E, 1973. "Markets for an Exchange Economy with Individual Risks," Econometrica, Econometric Society, vol. 41(3), pages 383-410, May.
- Allen, Beth, 1981. "Utility perturbations and the equilibrium price set," Journal of Mathematical Economics, Elsevier, vol. 8(3), pages 277-307, October.
- Bisin, Alberto & Gottardi, Piero, 1997.
"General Competitive Analysis with Asymmetric Information,"
97-38, C.V. Starr Center for Applied Economics, New York University.
- Bisin, A. & Gottardi, P., 1997. "General Competitive Analysis with Asymmetric Information," DELTA Working Papers 97-26, DELTA (Ecole normale supérieure).
- Helpman, Elhanan & Laffont, Jean-Jacques, 1975. "On moral hazard in general equilibrium theory," Journal of Economic Theory, Elsevier, vol. 10(1), pages 8-23, February.
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