Nonexistence of constrained Efficient Equilibria when Markets are Incomplete

Egbert Dierker, Hildegard Dierker () and Birgit Grodal
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Hildegard Dierker: https://econ.univie.ac.at

Vienna Economics Papers from University of Vienna, Department of Economics

Abstract: We consider economies with incomplete markets, production, and a given distribution of initial endowments. The main purpose of the paper to present a robust example of an econmy with only one firm and one good per state in which no production dicision entails a constrained efficient outcome. In particular, the unique Dréze equilibrium is dominated by every other production decision.

JEL-codes: D2 D52 D61 G1 (search for similar items in EconPapers)
Date: 2001-08
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https://papersecon.univie.ac.at/RePEc/vie/viennp/vie0111.pdf (application/pdf)

Related works:
Journal Article: Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete (2002)
Working Paper: Nonexistence of Constrained Efficient Equilibria when Markets are Incomplete (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:vie:viennp:vie0111

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