Las restricciones impuestas por organismos reguladores al diseño de carteras de administradoras de fondos de retiro, pretenden orientar el comportamiento de las administradoras, no obstante estas restricciones conllevan pérdida de bienestar por parte de los ahorristas. En el presente trabajo...

In this paper we show that in a pure exchange economy it is possible to improve the social welfare along an e±cient path. This path will be called the Negishi map. Moving the relative weights of the agent in a social welfare utility function, we obtain an e±cient path of allocations and social...

The aim of this paper is to characterize the set of singular economies, when there are a finite set of consumers with infinitely many goods in the sense that goods differ in the time which they are consumed or in the state of the world in which they become available. There exist l available...

We consider a pure exchange economy, where agent's consumption spaces are Banach spaces, goods are contingent in time of states of the world, the utility function of each agent is not necessarily a separable function, but increasing, quasiconcave, and twice Frechet differentiable over the...

The restrictions imposed by the regulatory authorities on the composition of retirement-fund portfolios are aimed at avoiding opportunistic behavior on the part of retirement-fund managers. However, these restrictions reduce the welfare of the shareholders of such funds. In this paper, the...