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.
Endowment redistribution and Pareto improvements in GEI economies / Mendolicchio, CONCETTA BARBARA; Pietra, Tito. - In: JOURNAL OF MATHEMATICAL ECONOMICS. - ISSN 0304-4068. - STAMPA. - 67:(2016), pp. 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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