Showing 1 - 10 of 2,023
In this paper, we study a two-period pure exchange economy with idiosyncratic uncertainty, moral hazard and multiple consumption goods. We consider two different market structures: contingent commodity markets on the one hand, and financial plus spot commodity markets on the other hand. We...
Persistent link: https://www.econbiz.de/10005579541
This paper studies the efficiency of competitive equilibria in environments with a moral hazard problem and unobserved states, both with retrading in ex post spot markets. The interaction between private information problems and the possibility of retrade creates an externality, unless...
Persistent link: https://www.econbiz.de/10008552807
Payment entitlements is a new commodity that arises from the new European common agricultural policy. The agricultural subsidies are decoupled from the actual production and replaced by the so-called payment entitlements. A payment entitlement has a farm specific value and may be freely traded....
Persistent link: https://www.econbiz.de/10005522271
Recent analyses often use one-good models to explain why the least developed countries have little income growth. While a one-good model permits only supply side considerations, a multiple-goods framework enables analysing income growth differences from both the supply and the demand sides....
Persistent link: https://www.econbiz.de/10009219506
The classic Lucas asset pricing model with complete markets stresses aggregate risk and, hence, fails to investigate the impact of agents heterogeneity on the dynamics of the equilibrium quantities and measures of trading volume. In this paper, we investigate under what conditions...
Persistent link: https://www.econbiz.de/10005771771
In this paper, we study a pure exchange economy with idiosyncratic uncertainty, hidden action and multiple consumption goods. We consider two different market structures : contingent markets on the one hand, and financial and spot markets on the other hand. We propose a competitive equilibrium...
Persistent link: https://www.econbiz.de/10004984748
In this paper, we study a pure exchange economy with idiosyncratic uncertainty, hidden action and multiple consumption goods.We consider two different market structures: contingent markets on the one hand, and financial and spot markets on the otherhand. We propose a competitive equilibrium...
Persistent link: https://www.econbiz.de/10005008147
In the present paper we study the efficiency properties of competitive equilibria in economies with hidden action and multiple goods. We borrow the description of the economy from Lisboa [3] and we apply a method of proof close in spirit to the one used in the literature on incomplete financial...
Persistent link: https://www.econbiz.de/10005008655
We investigate the welfare properties of the one-sector neoclassic growth model with uninsurable idiosyncratic shocks. We focus on the constrained efficiency notion of the general equilibrium literature, and we demonstrate constrained inefficiency for our model. We provide a characterization of...
Persistent link: https://www.econbiz.de/10005150204
It is a widely acknowledged result of the literature on international tax competition that an inefficient provision of public goods can only be avoided, if taxes are sufficiently coordinated. In this paper we use a model where governments use commodity and factor taxes in the tax competition...
Persistent link: https://www.econbiz.de/10005542969