Showing 1 - 10 of 194
Persistent link: https://www.econbiz.de/10002948517
Department: Economics.
Persistent link: https://www.econbiz.de/10009472423
Persistent link: https://www.econbiz.de/10005370836
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a submanifold of the equilibrium set. This result is explicitly derived for...
Persistent link: https://www.econbiz.de/10005374267
We propose an extension of the standard general equilibrium model with production and incomplete markets to situations in which (i) private investors have limited information on the returns of specific assets, (ii) managers of firms have limited information on the preferences of individual...
Persistent link: https://www.econbiz.de/10005042967
In this paper we investigate the welfare effects of capital income taxation in a standard one commodity general equilibrium model with incomplete markets (GEI) and production. We consider a competitive economy of two periods with uncertainty over a finite number S of possible states of nature...
Persistent link: https://www.econbiz.de/10005043123
In this paper we exploit global analysis to explore welfare properties of a standard one-commodity GEI, under different notions of constrained Pareto optimality. In a unifying framework we revise and extend some of the leading results of the literature on incomplete markets and government...
Persistent link: https://www.econbiz.de/10005043589
When the asset market is incomplete, there typically exist taxes on trades in assets and a redistribution of revenue in the asset market that are Pareto improving. The policy is anonymous, it economizes on complexity, and it results in ex post Pareto optimal allocations; it is publicly announced...
Persistent link: https://www.econbiz.de/10005065462
Persistent link: https://www.econbiz.de/10005622594
We investigate the welfare effects of proportional income taxation in a standard general equilibrium model with incomplete markets (GEI). Formally, our analysis is on the allocative effects of state-contingent income tax reforms. Tax reforms are restricted to be anonymous, publicly and...
Persistent link: https://www.econbiz.de/10005619384