Demange, Gabrielle - In: Economic Theory 20 (2002) 1, pp. 1-27
This paper defines and studies optimality in a dynamic stochastic economy with finitely lived agents, and investigates … the optimality properties of an equilibrium with or without sequentially complete markets. Various Pareto optimality … concepts are considered, including interim and ex ante optimality. We show that, at an equilibrium with a productive asset …