| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 957097 | Journal of Economic Theory | 2009 | 16 Pages |
Abstract
Our main theorem is as follows: Once we allow for this kind of uncertainty and assume no wealth effects in preferences, the uniquely optimal social contract is laissez-faire, in which agents trade in unfettered markets with no government intervention of any kind.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Narayana Kocherlakota, Christopher Phelan,