Suboptimality with land

Nikos Kokonas and Herakles Polemarchakis
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Herakles Polemarchakis: University of Warwick

No 45/15, Department of Economics Working Papers from University of Bath, 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.

Date: 2016-01-18
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