Are incomplete markets able to achieve minimal efficiency?
Are incomplete markets able to achieve minimal efficiency?
复制标题
不完全市场能否实现最低效率？
DOI：
10.1007/s00199-003-0406-z
复制
发表时间：
2005
期刊：
影响因子：
1.3
通讯作者：
B. Grodal
中科院分区：
文献类型：
--
作者：
E. Dierker;H. Dierker;B. Grodal
总结。我们考虑具有不完全市场的经济体，每个国家一件商品，两个时期，t = 0,1，初始禀赋的私人所有权，一家公司，除了该公司的股票外没有其他资产。在Dierker， Dierker, Grodal（2002）中，我们给出了这样一个经济的例子，其中所有的市场均衡都是受限的低效的。在本文中，我们通过剥夺计划者决定消费者投资的权利来削弱约束效率的概念。如果计划者只能确定t = 0时的生产计划和消费分配，而不能找到帕累托改进，则称为最小约束有效分配。我们给出了一个具有任意小的收入效应的例子，在这个例子中，没有一个市场均衡是最低约束有效的。
Summary.We consider economies with incomplete markets, one good per state, two periods, t = 0,1, private ownership of initial endowments, a single firm, and no assets other than shares in this firm. In Dierker, Dierker, Grodal (2002), we give an example of such an economy in which all market equilibria are constrained inefficient. In this paper, we weaken the concept of constrained efficiency by taking away the planner’s right to determine consumers’ investments. An allocation is called minimally constrained efficient if a planner, who can only determine the production plan and the distribution of consumption at t = 0, cannot find a Pareto improvement. We present an example with arbitrarily small income effects in which no market equilibrium is minimally constrained efficient.