| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 957305 | Journal of Economic Theory | 2011 | 29 Pages |
Abstract
In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Andrés Carvajal, Herakles Polemarchakis,