Sharing Some Thoughts on Weitzman's The Share Economy
This paper explores the positive and normative aspects of share contracts. In particular, the paper explores the properties of a share system as advanced by Martin Weitzman in The Share Economy.The model employed highlights a "macroeconomic externality" created in a multi-sector economy with imperfect competition. The introduction of share contracts is shown to influence the comparative static properties of the model economy and in some cases to lead to Pareto superior outcomes.
|Date of creation:||Oct 1985|
|Date of revision:|
|Publication status:||published as "Will Share Contracts Increase Economic Welfare? From The American Economic Review, Vol. 78, No. 1, (March 1988).|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
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- Oliver Hart, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, Oxford University Press, vol. 97(1), pages 109-138.
- Russell Cooper & John Andrew, 1985. "Coordinating Coordination Failures in Keynesian Models," Cowles Foundation Discussion Papers 745R, Cowles Foundation for Research in Economics, Yale University, revised Jul 1985.
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