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

CRETA Online Discussion Paper Series from Centre for Research in Economic Theory and its Applications CRETA

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 JEL classification numbers: D52; D61 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-dge
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