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Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete

Citations

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Cited by:

  1. Julio Dávila & Jay H. Hong & Per Krusell & José‐Víctor Ríos‐Rull, 2012. "Constrained Efficiency in the Neoclassical Growth Model With Uninsurable Idiosyncratic Shocks," Econometrica, Econometric Society, vol. 80(6), pages 2431-2467, November.
  2. Jacques Drèze & Enrico Minelli & Mario Tirelli, 2008. "Production and financial policies under asymmetric information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 35(2), pages 217-231, May.
  3. Arnott, Richard & Greenwald, Bruce & Stiglitz, Joseph E., 1994. "Information and economic efficiency," Information Economics and Policy, Elsevier, vol. 6(1), pages 77-82, March.
  4. repec:hal:spmain:info:hdl:2441/10284 is not listed on IDEAS
  5. Pascal Stiefenhofer, 2009. "Production in General Equilibrium with Incomplete Markets," Discussion Papers 09/06, Department of Economics, University of York.
  6. Bonnisseau, Jean-Marc & Lachiri, Oussama, 2004. "On the objective of firms under uncertainty with stock markets," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 493-513, August.
  7. Tarun Sabarwal, 2004. "A Consistent Firm Objective When Markets are Incomplete: Profit Maximization," Econometric Society 2004 North American Summer Meetings 141, Econometric Society.
  8. Charles P. Thomas, 1995. "The Role of Fiscal Policy in an Incomplete Markets Framework," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(3), pages 449-468.
  9. Sabarwal Tarun, 2007. "Value Maximization as an Ex-Post Consistent Firm Objective When Markets are Incomplete," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-21, January.
  10. Mukherjee, Rahul, 2015. "Institutions, Corporate Governance and Capital Flows," Journal of International Economics, Elsevier, vol. 96(2), pages 338-359.
  11. Mario Tirelli, 2003. "Income taxation when markets are incomplete," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 26(2), pages 97-128, November.
  12. Emmanuel Farhi & Iván Werning, 2016. "A Theory of Macroprudential Policies in the Presence of Nominal Rigidities," Econometrica, Econometric Society, vol. 84, pages 1645-1704, September.
  13. Julio Davila, 2008. "The taxation of capital returns in overlapping generations economies without financial assets," Documents de travail du Centre d'Economie de la Sorbonne b08099, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  14. Antonio Jiménez-Martínez, 2009. "Notes on the Constrained Suboptimality Result by J. D. Geanakoplos and H. M. Polemarchakis (1986)," Working Papers DTE 466, CIDE, División de Economía.
  15. Jacques Drèze & Alain Durré & Jacques Drèze & Jean-François Carpantier, 2014. "Fiscal Integration and Growth Stimulation in Europe," Recherches économiques de Louvain, De Boeck Université, vol. 80(2), pages 5-45.
  16. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Working Papers hal-01065004, HAL.
  17. Elena L. Mercato & Vincenzo Platino, 2017. "On the regularity of smooth production economies with externalities: competitive equilibrium à la Nash," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(1), pages 287-307, January.
  18. Tirelli, Mario, 2006. "The evaluation of public investments under uncertainty," Research in Economics, Elsevier, vol. 60(4), pages 188-198, December.
  19. DREZE, Jacques H. & LACHIRI, Oussama & MINELLI, Enrico, 2009. "Stock prices, anticipations and investment in general equilibrium," LIDAM Discussion Papers CORE 2009083, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  20. Hervé Crès, 2006. "A Geometric Study of Shareholders’ Voting in Incomplete Markets: Multivariate Median and Mean Shareholder Theorems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 27(2), pages 377-406, October.
  21. Zoran Popovic & Marko Backovic, 2017. "Sequential Model of Economic System and Constrained Pareto Optimality," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(1), pages 141-158.
  22. Cass, David & Siconolfi, Paolo & Villanacci, Antonio, 2001. "Generic regularity of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 36(1), pages 61-76, September.
  23. Hervé Crès & Mich Tvede, 2004. "The Drèze and Grossman-Hart criteria for production in incomplete markets: Voting foundations and compared political stability," Working Papers hal-00591676, HAL.
  24. Roberto C. Raimondo, 2003. "Hart Effect And Equilibrium In Incomplete Markets I," Department of Economics - Working Papers Series 876, The University of Melbourne.
  25. repec:mje:mjejnl:v:12:y:2017:i:1:p:141-158 is not listed on IDEAS
  26. Basak, Suleyman & Cass, David & Licari, Juan Manuel & Pavlova, Anna, 2008. "Multiplicity in general financial equilibrium with portfolio constraints," Journal of Economic Theory, Elsevier, vol. 142(1), pages 100-127, September.
  27. Gaël Giraud & Cécile Renouard, 2011. "In search of an alternative to shareholder value maximization," Post-Print hal-00609153, HAL.
  28. Michael Magill & Martine Quinzii, 2009. "The probability approach to general equilibrium with production," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 39(1), pages 1-41, April.
  29. Jacques H., DREZE & Oussama, LACHIRI & Enrico, MINELLI, 2007. "Shareholder-efficient production plans in multi-period economy," Discussion Papers (ECON - Département des Sciences Economiques) 2007042, Université catholique de Louvain, Département des Sciences Economiques.
  30. Tirelli, Mario, 2008. "Constrained inefficiency in GEI: A geometric argument," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.
  31. Sebastian Di Tella, 2017. "Optimal Regulation of Financial Intermediaries," 2017 Meeting Papers 28, Society for Economic Dynamics.
  32. Suleyman Basak & David Cass & Juan Manuel Licari & Anna Pavlova, 2006. "Multiplicity in General Financial Equilibrium with Portfolio Constraints, Second Version," PIER Working Paper Archive 06-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 17 Jul 2006.
  33. Fugarolas, Guadalupe, 2006. "Nash equilibria applied to Spot-financial equilibria in General equilibrium incomplete market models," MPRA Paper 470, University Library of Munich, Germany.
  34. Nagata, Ryo, 2005. "Inefficiency of equilibria with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 887-897, November.
  35. Zierhut, Michael, 2019. "Nonexistence of constrained efficient production plans," Journal of Mathematical Economics, Elsevier, vol. 83(C), pages 127-136.
  36. VENTURA, Luigi, 1998. "Investment decisions and normalization with incomplete markets: a remark," LIDAM Discussion Papers CORE 1998028, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  37. Giraud, Gael, 2003. "Strategic market games: an introduction," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 355-375, July.
  38. repec:spo:wpecon:info:hdl:2441/10284 is not listed on IDEAS
  39. repec:hal:wpspec:info:hdl:2441/10282 is not listed on IDEAS
  40. Michael Zierhut, 2021. "Generic regularity of differentiated product oligopolies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(1), pages 341-374, February.
  41. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," Sciences Po Economics Publications (main) hal-01064883, HAL.
  42. Cass, David & Pavlova, Anna, 2004. "On trees and logs," Journal of Economic Theory, Elsevier, vol. 116(1), pages 41-83, May.
  43. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," Working Papers hal-01064883, HAL.
  44. Filippo Taddei, 2007. "Collateral, Financial Arrangements and Pareto Optimality," Carlo Alberto Notebooks 64, Collegio Carlo Alberto.
  45. Tirelli Mario & Turner Sergio, 2010. "Quantifying the Cost of Risk in Consumption," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-33, July.
  46. repec:spo:wpmain:info:hdl:2441/10284 is not listed on IDEAS
  47. repec:spo:wpecon:info:hdl:2441/10282 is not listed on IDEAS
  48. Volker Britz & P. Herings & Arkadi Predtetchinski, 2013. "A bargaining theory of the firm," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(1), pages 45-75, September.
  49. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," SciencePo Working papers hal-01064883, HAL.
  50. Summer, Martin, 2002. "Financial markets, the structure of long-term investments and labour income risks," Research in Economics, Elsevier, vol. 56(3), pages 265-298, September.
  51. Diamond, P., 1994. "Insulations of pensions from Political Risk," Working papers 94-20, Massachusetts Institute of Technology (MIT), Department of Economics.
  52. Wan-hsiang Pan, 1995. "A second welfare theorem for constrained efficient allocations in incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 24(6), pages 577-599.
  53. St-Pierre, Marc, 2018. "A note on multiplicative uncertainty and shareholders’ unanimity," Journal of Mathematical Economics, Elsevier, vol. 77(C), pages 54-58.
  54. Francis A. Longstaff, 2004. "Financial Claustrophobia: Asset Pricing in Illiquid Markets," NBER Working Papers 10411, National Bureau of Economic Research, Inc.
  55. TIRELLI, Mario, 2000. "Capital income taxation when markets are incomplete," LIDAM Discussion Papers CORE 2000011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  56. repec:spo:wpmain:info:hdl:2441/10282 is not listed on IDEAS
  57. Bisin, A. & Geanakoplos, J.D. & Gottardi, P. & Minelli, E. & Polemarchakis, H., 2011. "Markets and contracts," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 279-288.
  58. Momi, Takeshi, 2001. "Non-existence of equilibrium in an incomplete stock market economy," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 41-70, February.
  59. Longstaff, Francis A, 2005. "Asset Pricing in Markets with Illiquid Assets," University of California at Los Angeles, Anderson Graduate School of Management qt2458g38x, Anderson Graduate School of Management, UCLA.
  60. repec:hal:spmain:info:hdl:2441/10282 is not listed on IDEAS
  61. repec:hal:wpspec:info:hdl:2441/10284 is not listed on IDEAS
  62. Alexis Akira Toda, 2015. "Asset Prices and Efficiency in a Krebs Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 957-978, October.
  63. Michael Magill & Martine Quinzii, 2009. "The probability approach to general equilibrium with production," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 39(1), pages 1-41, April.
  64. Egbert Dierker, 2015. "A multiperiod Drèze rule," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 129-151, October.
  65. Ando, Sakai & Matsumura, Misaki, 2020. "Constrained inefficiency of competitive entrepreneurship," Journal of Mathematical Economics, Elsevier, vol. 88(C), pages 98-103.
  66. Tirelli, Mario, 2008. "Constrained inefficiency in GEI: A geometric argument," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.
  67. Giraud, Gael & Stahn, Hubert, 2003. "Efficiency and imperfect competition with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 559-583, July.
  68. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," SciencePo Working papers hal-01065004, HAL.
  69. Chiaki Hara & Thorsten Hens, 2025. "Shareholder Engagement in an ESG-CAPM with Incomplete Markets: Much ado about nothing?," KIER Working Papers 1114, Kyoto University, Institute of Economic Research.
  70. Wettstein, David, 1995. "Incentives and competitive allocations in exchange economies with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 24(3), pages 201-216.
  71. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Sciences Po Economics Publications (main) hal-01065004, HAL.
  72. A. Jofré & R. T. Rockafellar & R. J-B. Wets, 2017. "General economic equilibrium with financial markets and retainability," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(1), pages 309-345, January.
  73. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2006. "Are Incomplete Markets Able to Achieve Minimal Efficiency?," Studies in Economic Theory, in: Christian Schultz & Karl Vind (ed.), Institutions, Equilibria and Efficiency, chapter 7, pages 117-129, Springer.
  74. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2002. "Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete," Econometrica, Econometric Society, vol. 70(3), pages 1245-1251, May.
  75. Suleyman Basak & David Cass & Juan Manuel Licari & Anna Pavlova, 2006. "Multiplicity and Sunspots in General Financial Equilibrium with Portfolio Constraints," PIER Working Paper Archive 06-012, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  76. Jean-Marc Bonnisseau & Oussama Lachiri, 2004. "A note on the Drèze’s criterion for large capitalist firms," Cahiers de la Maison des Sciences Economiques b04120, Université Panthéon-Sorbonne (Paris 1).
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