Endowment redistribution and Pareto improvements in GEI economies

With incomplete markets and numeraire assets, there are open sets of economies such that their equilibrium allocations can be improved upon by a reallocation of period zero endowments. This strengthens the classical results on constrained Pareto ineffciency of equilibria in GEI.

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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 optimality

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Series:	IAB-Discussion Paper ; 1/2016
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	845642022 [GVK] hdl:10419/146141 [Handle] RePEc:iab:iabdpa:201601 [RePEc]
Classification:	D51 - Exchange and Production Economies ; D52 - Incomplete Markets
Source:	EconStor

Persistent link: https://www.econbiz.de/10011531723