Constrained inefficiency in GEI: A geometric argument

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 linear submanifold of the equilibrium set. This result is explicitly derived for economies with real assets, of which real num´eraire assets are a special case.

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Year of publication:	2005
Authors:	Tirelli, Mario
Publisher:	Providence, RI : Brown University, Department of Economics
Subject:	Allgemeines Gleichgewicht \| Unvollkommener Markt \| Pareto-Optimum \| Finanzinnovation \| Theorie \| General equilibrium \| incomplete markets \| optimality \| global analysis

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Series:	Working Paper ; 2005-12
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	504940767 [GVK] hdl:10419/80127 [Handle]
Classification:	D52 - Incomplete Markets ; D61 - Allocative Efficiency; Cost-Benefit Analysis ; D62 - Externalities
Source:	EconStor

Persistent link: https://www.econbiz.de/10010318896