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dc.contributor.authorSabarwal, Tarun
dc.date.accessioned2012-05-01T22:13:54Z
dc.date.available2012-05-01T22:13:54Z
dc.date.issued2003-09
dc.identifier.citationSabarwal, 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.urihttp://hdl.handle.net/1808/9249
dc.description.abstractA 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.isversionofhttp://econpapers.repec.org/paper/wpawuwpge/0410006.htm
dc.subjectAllocative efficiency
dc.subjectAllais-Malinvaud efficiency
dc.subjectIncomplete markets
dc.titleOn the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets
dc.typeWorking Paper
kusw.oastatusna
kusw.oapolicyThis item does not meet KU Open Access policy criteria.
dc.rights.accessrightsopenAccess


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