کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
966944 931125 2008 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Constrained inefficiency in GEI: A geometric argument
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
Constrained inefficiency in GEI: A geometric argument
چکیده انگلیسی
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a submanifold of the equilibrium set. This result is explicitly derived for economies with real assets and fixed aggregate resources, of which real numéraire assets are a special case. As a by product of our analysis, we propose an original global parametrization of the equilibrium set that generalizes to incomplete markets the classical one, first, proposed by Lange [Lange, O., 1942. The foundations of welfare economics. Econometrica 10, 215-228].
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 44, Issue 11, 1 December 2008, Pages 1197-1214
نویسندگان
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