Incomplete Markets and the Firm
In this paper we analyze the welfare properties of the set of Dreze equilibria for economies with incomplete markets and firms. The well known fact that a Dreze equilibrium need not be constrained Pareto Optimal is often attributed to a lack of coordination between firms. We show that there are economies with a single firm in which no Dreze is constrained pareto efficient. Even a unique Dreze equilibrium need not be constrained Pareto efficient.
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|Date of creation:||1999|
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Web page: http://www.olin.wustl.edu/
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