With incomplete markets and numeraire assets, there are open sets of economies such that their equilibrium allocations can be improved upon by a reallocation of period zero endowments. This strengthens the classical results on constrained Pareto inefficiency of equilibria in GEI.
Mendolicchio, C.B., Pietra, T. (2016). Endowment redistribution and Pareto improvements in GEI economies. JOURNAL OF MATHEMATICAL ECONOMICS, 67, 181-190 [10.1016/j.jmateco.2016.08.006].
Endowment redistribution and Pareto improvements in GEI economies
MENDOLICCHIO, CONCETTA BARBARA;PIETRA, TITO
2016
Abstract
With incomplete markets and numeraire assets, there are open sets of economies such that their equilibrium allocations can be improved upon by a reallocation of period zero endowments. This strengthens the classical results on constrained Pareto inefficiency of equilibria in GEI.File in questo prodotto:
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Mendolicchio - Pietra CPO JME.pdf
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