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    On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets

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    Sabarwal Allocative Efficiency.pdf (308.2Kb)
    Issue Date
    2003-09
    Author
    Sabarwal, Tarun
    Type
    Working Paper
    Published Version
    http://econpapers.repec.org/paper/wpawuwpge/0410006.htm
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    Abstract
    A new measure of constrained efficiency for application in economies with incomplete markets is presented. This measure --- termed Allais- Malinvaud efficiency --- can be viewed as adjusting for market incompleteness not fully captured in previous work. It is shown that equilibrium allocations in Radner-GEI economies are always Allais- Malinvaud efficient. In particular, a re-distribution of assets in equilibrium cannot induce a relative price change that leads to an Allais-Malinvaud improvement. Moreover, this result extends to Radner- GEI economies in which consumer liability is limited by bankruptcy.
    URI
    http://hdl.handle.net/1808/9249
    Collections
    • Economics Scholarly Works [183]
    Citation
    Sabarwal, Tarun, (2004), On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets, GE, Growth, Math methods, EconWPA, http://EconPapers.repec.org/RePEc:wpa:wuwpge:0410006.

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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