Debt and welfare in economies with land

Nikolaos Kokonas () and Herakles Polemarchakis ()
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Nikolaos Kokonas: University of Bath
Herakles Polemarchakis: University of Warwick

Economic Theory, 2017, vol. 64, issue 4, No 9, 805-824

Abstract: Abstract In a stochastic economy of overlapping generations subject to uninsurable risks, debt can implement Pareto improvements in welfare. This is the case even in the presence of long-lived assets and no short sales.

Keywords: Long-lived assets; Optimality; Overlapping generations (search for similar items in EconPapers)
JEL-codes: D52 D61 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s00199-016-0986-z

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