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.
2016
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].
Mendolicchio, CONCETTA BARBARA; Pietra, Tito
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/587376
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