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|
|Publication status:||Published in: Econometrica. May 2002; 70(3): 1245-51|
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"Incomplete Markets and the Firm,"
CIE Discussion Papers
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