Welfare Effects of Financial Innovation in Incomplete Markets Economies with Several Consumption Goods
Welfare Effects of Financial Innovation in Incomplete Markets Economies with Several Consumption Goods
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多种消费品不完全市场经济中金融创新的福利效应
DOI：
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发表时间：
1995
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影响因子：
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通讯作者：
Elul Ronel
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文献类型：
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作者：
Elul Ronel
我们证明，在几乎每一个具有不止一种消费品的不完全市场经济中，并且具有足够多的未投保自然状态，在该经济的任何一般均衡中，仅仅通过引入适当的资产制造，例如，所有代理人的情况都变差，就有可能任意扰乱均衡效用。这一结果证明了哈特（Hart）关于市场结构不完全时均衡最优性的例子。理论11(1975),418-443)和其他人实际上是普遍现象，与直觉形成鲜明对比，即创新，因为它扩大了金融机会，应该使所有代理人受益。经济文献分类号：D52、D60、G10。
Abstract We show that in almost every incomplete markets economy with more than one consumption good, and with sufficiently many uninsured states of nature, at any general equilibrium of this economy it is possible to arbitrarily perturb the equilibrium utilities merely by introducing the appropriate asset-making, for example, all agents worse off. This result demonstrates that the examples given by Hart (on the optimality of equilibrium when the market structure is incomplete, J. Econ. Theory11 (1975), 418-443) and others are actually general phenomena and is in sharp contrast to the intuition that innovation, since it expands financial opportunities, should benefit all agents. Journal of Economic Literature Classification Numbers D52, D60, G10.