Notes on the Constrained Suboptimality Result by J. D. Geanakoplos and H. M. Polemarchakis (1986)

Antonio Jimenez-Martinez

No DTE 466, Working Papers from CIDE, División de Economía

Abstract: J. D. Geanakoplos and H. M. Polemarchakis (1986) prove the generic constrained suboptimality of equilibrium allocations in two period economies with incomplete markets. In these notes we provide a complete and detailed version of their proof with alternative arguments when needed.

Keywords: Income asset markets; constrained suboptimality; transversality theory (search for similar items in EconPapers)
JEL-codes: A23 C60 D52 D60 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-11
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