Suboptimality with land

Nikos Kokonas and Herakles Polemarchakis

No 269722, Economic Research Papers 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: Financial; Economics (search for similar items in EconPapers)
Pages: 25
Date: 2015-12-26
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:269722

DOI: 10.22004/ag.econ.269722

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