Suboptimality with land

Nikos Kokonas and Herakles Polemarchakis
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Nikos Kokonas: Department of Economics, University of Bath
Herakles Polemarchakis: Department of Economics, University of Warwick

The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics

Abstract: In a stochastic economy of overlapping generations subject to uninsurable risks, competitive allocations need not be constrained optimal. This is the case even in the presence of long-lived assets and no short sales.

Keywords: long-lived assets; optimality (search for similar items in EconPapers)
JEL-codes: D52 D61 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-dge and nep-ore
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:1103

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