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Full and constrained pareto optimality with incomplete financial markets

Concetta Mendolicchio and Tito Pietra
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Concetta Mendolicchio: Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]
Tito Pietra: Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]

No 201822, IAB Discussion Paper from Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]

Abstract: "We study the efficiency properties of equilibria in a neighborhood of economies with Pareto optimal (PO) initial endowments, when the number of agents is finitely large. We provide conditions under which, for all the economies in some open neighborhood of the PO reference economy, all the equilibria are constrained PO (CPO). We also provide conditions under which each open neighborhood of these exceptional PO economies contains both open sets of economies with CPO equilibria and open sets of economies where CPO fails." (Author's abstract, IAB-Doku) ((en)) Additional Information spätere (möglicherweise abweichende) Version erschienen in: Economic Theory, online first (2019)

Keywords: Finanzmarkt; Marktunvollkommenheit; Verteilungstheorie; Pareto Vilfredo; Volkswirtschaftstheorie; Gleichgewichtstheorie (search for similar items in EconPapers)
JEL-codes: D51 D52 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2018-11-06
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Published in: Economic Theory, online first (2019), 24 p.

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Persistent link: https://EconPapers.repec.org/RePEc:iab:iabdpa:201822

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