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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"Generic inefficiency of stock market equilibrium when markets are incomplete,"
Journal of Mathematical Economics,
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- Geanakoplos, J. & Magill, M. & Quinzii, M. & Dreze, 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).
- Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
- Dierker, E. & Dierker, H. & Grobal, B., 1999.
"Incomplete Markets and the Firm,"
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.
- Dierker, E. & Dierker, H. & Grodal, B., 1999. "Incomplete Markets and the Firm," Papers 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.
- Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
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