Symmetry breakings in Malinvaud's model with individual risks

Hervé Crès () and Isabelle Rossi
Additional contact information
Hervé Crès: HEC Paris - Ecole des Hautes Etudes Commerciales

Post-Print from HAL

Abstract: This paper investigates the existence of asymmetric equilibria in Malinvaud's [Malinvaud, E., 1973. Markets for an exchange economy with individual risks. Econometrica 41, 383–410] model of a pure exchange economy with individual risks. Agents face identical individual risks. Their utility functions only depend on their individual state; the only difference with Malinvaud's original formulation is that there exists one good for which some aggregate component of the risk is introduced through endowments. Agents are described by totally symmetric characteristics but yet can come out of the exchange process with asymmetric allocations (there might be unequal treatment of equal agents): the generic existence of asymmetric equilibria is shown. In addition, robust examples of both existence and non-existence of asymmetric equilibria in Malinvaud's original formulation (with "pure" individual risks) are given.

Date: 2000-03
References: Add references at CitEc
Citations:

Published in Journal of Mathematical Economics, 2000, 33 (2), pp.239 - 269

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03602587

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().