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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Web page: http://www.econ.ku.dk/cie/
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- Dierker, E. & Dierker, H. & Grodal, B., 1999.
"Incomplete Markets and the Firm,"
9902, Washington St. Louis - School of Business and Political Economy.
- Egbert DIERKER & Hildegard DIERKER & Birgit GRODAL, 1999. "Incomplete Markets and the Firm," Vienna Economics Papers vie9902, University of Vienna, Department of Economics.
- Dierker, E. & Dierker, H. & Grobal, B., 1999. "Incomplete Markets and the Firm," Papers 99-03, Carleton - School of Public Administration.
- Egbert Dierker & Hildegard Dierker & Birgit Grodal, 1999. "Incomplete Markets and the Firm," Discussion Papers 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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"Generic inefficiency of stock market equilibrium when markets are incomplete,"
Journal of Mathematical Economics,
Elsevier, vol. 19(1-2), pages 113-151.
- Geanakoplos,Â J. & Magill, M. & Quinzii,Â M. & Dreze,Â J., . "Generic inefficiency of stock market equilibrium when markets are incomplete," CORE Discussion Papers RP 916, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- John Geanakoplos & Michael Magill & Martine Quinzii & J. Dreze, 1988. "Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete," Cowles Foundation Discussion Papers 863, Cowles Foundation for Research in Economics, Yale University.
- Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
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