A re-examination of constrained Pareto inefficiency in economies with incomplete markets

We establish that, when the number of agents is sufficiently large, but finite, there are open sets of economies with constrained Pareto inefficient equilibria, and provide a simple sufficient condition for CP inefficiency. We also show that there are open sets of economies with CPO equilibria.

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Year of publication:	2016
Authors:	Mendolicchio, Concetta ; Pietra, Tito
Publisher:	Nürnberg : Institut für Arbeitsmarkt- und Berufsforschung (IAB)
Subject:	GEI \| constrained Pareto inefficiency \| numeraire assets

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Series:	IAB-Discussion Paper ; 12/2016
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	857652850 [GVK] hdl:10419/146152 [Handle] RePEc:iab:iabdpa:201612 [RePEc]
Classification:	D51 - Exchange and Production Economies ; D52 - Incomplete Markets
Source:	EconStor

Persistent link: https://www.econbiz.de/10011531734