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Year of publication
Subject
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Drèze equilibria 1 constraint efficiency 1 incomplete markets with production 1
Type of publication
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Book / Working Paper 1
Language
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Undetermined 1
Author
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Dierker, Egbert 1 Dierker, Hildegard 1 Grodal, Birgit 1
Institution
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Centre for Industrial Economics (CIE), Økonomisk Institut 1
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CIE Discussion Papers 1
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RePEc 1
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Nonexistence of Constrained Efficient Equilibria when Markets are Incomplete.
Dierker, Egbert; Dierker, Hildegard; Grodal, Birgit - Centre for Industrial Economics (CIE), Økonomisk Institut - 2000
We consider economies with incomplete markets, production, an a given distribution of initial endowments. The main purpose of the paper is to present a robust example of an economy with only one firm and one good per state in which no production decision entails a constrained efficient outcome....
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