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On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets
dc.contributor.author | Sabarwal, Tarun | |
dc.date.accessioned | 2012-05-01T22:13:54Z | |
dc.date.available | 2012-05-01T22:13:54Z | |
dc.date.issued | 2003-09 | |
dc.identifier.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. | |
dc.identifier.uri | http://hdl.handle.net/1808/9249 | |
dc.description.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. | |
dc.relation.isversionof | http://econpapers.repec.org/paper/wpawuwpge/0410006.htm | |
dc.subject | Allocative efficiency | |
dc.subject | Allais-Malinvaud efficiency | |
dc.subject | Incomplete markets | |
dc.title | On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets | |
dc.type | Working Paper | |
kusw.oastatus | na | |
kusw.oapolicy | This item does not meet KU Open Access policy criteria. | |
dc.rights.accessrights | openAccess |