Suboptimality with land

In a stochastic economy of overlapping generations subject to uninsurable risks, competitive allocations need not be constrained optimal. This is the case even in the presence of long-lived assets and no short sales.

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Bibliographic Details
Published inResearch in Agricultural & Applied Economics
Main Authors Kokonas, Nikos, Polemarchakis, Herakles
Format Paper
LanguageEnglish
Published St. Paul Agricultural & Applied Economics Association (AAEA) 01.01.2015
Edition2068
SeriesWERP 1103
Subjects
Economic analysis
Financial Economics
long-lived assets
optimality
Online AccessGet full text
DOI10.22004/ag.econ.269722

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Summary:In a stochastic economy of overlapping generations subject to uninsurable risks, competitive allocations need not be constrained optimal. This is the case even in the presence of long-lived assets and no short sales.
Bibliography:SourceType-Working Papers-1
ObjectType-Working Paper/Pre-Print-1
content type line 50
DOI:10.22004/ag.econ.269722