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Equilibrium and Arbitrage in Incomplete Asset Markets with Fixed Prices.

Herings, J.-J.; Polemarchakis, H.M. - Center for Operations Research and Econometrics (CORE), … - 2000

At arbitrary prices of commodities and assets, fix-price equilibria exist under weak assumptions: endowments need not satisfy an interiority condition, utility functions need only satisfy very weak monotonicity requirement, and the asset return matrix allows for redundant assets. Prices of...

Persistent link: https://www.econbiz.de/10005634222

Pareto Improving Price Regulation when the Asset Market is Incomplete.

Herings, J.-J.; Polemarchakis, H. - Center for Operations Research and Econometrics (CORE), … - 1998

The asset market is incomplete. Fix-price equilibria exist. Price regulation Pareto improves on a competitive … account for the adjustment of prices; empirical evidence indicates persistent deviations from market clearing. Fix … definition extends to economies with uncertainty and an incomplete asset market. …

Persistent link: https://www.econbiz.de/10005478944

The Relevance of Extrinsic Uncertainty.

Polemarchakis, H; Ventura, L - Center for Operations Research and Econometrics (CORE), … - 1995

only objects of exchange are assets for the contingent delivery of commodities; and the asset market is incomplete. The … the economy with a complete asset market may well have a globally unique competitive equilibrium. …

Persistent link: https://www.econbiz.de/10005207637

Constrained Suboptimality and Financial Innovation in GEI with a Single Commodity.

Tirelli, M. - Center for Operations Research and Econometrics (CORE), … - 2000

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/10005633993

The Identification of Preferences from Equilibrium Prices under Uncertainty.

Chiappori, P.-A.; Ekeland, I.; Kubler, F.; … - Center for Operations Research and Econometrics (CORE), … - 2000

the asset market is incomplete. …

Persistent link: https://www.econbiz.de/10005779558

Assets, Human Capital, and Growth.

Braila, C.; Turrini, A. - Center for Operations Research and Econometrics (CORE), … - 1998

In this paper we illustrate the possible normative relevance of the links between human capital and financial assets via an example related to growth. When the financial structure is complete, growth is indeterminate because individual allocations between human capital and a tradable asset are...

Persistent link: https://www.econbiz.de/10005634238

Indeterminacy of Equilibrium Allocations in Monetary Open Economies.

Salto, M. - Center for Operations Research and Econometrics (CORE), … - 1998

In an open economy, outside money in positive supply does not eliminate the real indeterminacy which arises under uncertainty and incomplete asset markets. If money supply is subject to shocks or is not perfectly credible in all countries, the level of a fixed exchange rate matters. Analogous...

Persistent link: https://www.econbiz.de/10005669243

A Simple Two-Country Model of Redistributive Capital Income Taxation.

Lopez, S.; Marchand, M.; Pestieau, P. - Center for Operations Research and Econometrics (CORE), … - 1996

This paper presents a simple two-country model with mobile capital and immobile labour, in which there are two classes of individuals, the workers and the capital owners. A source-based tax on capital income is used to finance transfers to workers. If the two countries are homogeneous in all...

Persistent link: https://www.econbiz.de/10005669235

Fiscal Competition and the Pattern of Public Spending.

Keen, M.; Marchand, M. - Center for Operations Research and Econometrics (CORE), … - 1996

Much attention has been given to the impact of fiscal competition on the level of public expenditure, but relatively little to the impact on its composition. Using a broadly familiar and reasonably rich model of fiscal competition in the presence of mobile capital, this paper establishes a...

Persistent link: https://www.econbiz.de/10005669290

Existence of equilibria in economies with repeated trade of few "long- lived assets and endogenous quantity constaints on resale markets.

Pietra, T. - Center for Operations Research and Econometrics (CORE), … - 1991

Persistent link: https://www.econbiz.de/10005634029