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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|Date of creation:||Oct 2000|
|Date of revision:|
|Publication status:||Published in: Econometrica. May 2002; 70(3): 1245-51|
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9902, Washington St. Louis - School of Business and Political Economy.
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- Dierker, E. & Dierker, H. & Grobal, B., 1999. "Incomplete Markets and the Firm," Papers 99-03, Carleton - School of Public Administration.
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Cowles Foundation Discussion Papers
863, Cowles Foundation for Research in Economics, Yale University.
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