Nakata, Hiroyuki - In: Economic Theory 53 (2013) 2, pp. 283-314
This paper examines the welfare effects of short-sale constraints in an overlapping generations model of a financial economy with heterogeneous beliefs by focussing on the case of rational beliefs in the sense of Kurz (Econ Theory 4:877–900, <CitationRef CitationID="CR18">1994</CitationRef>). To measure the social welfare, we adopt a...</citationref>
