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We consider economies with incomplete markets, production, and a given distribution of initial endowments. The main purpose of the paper is to present a robust example of an economy with only one firm and one good per state in which no production decision entails a constrained efficient outcome....
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The purpose of this paper is to explore how the concept of a Drèze equilibrium can be extended to multiperiod production economies with incomplete markets. Constrained efficiency cannot serve as a basis for such an extension because multiperiod models tend to violate even weak constrained...
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