Debt and welfare in economies with land

Nikolaos Kokonas, Herakles Polemarchakis

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In a stochastic economy of overlapping generations subject to uninsurable risks, debt can implement Pareto improvements in welfare. This is the case even in the presence of long-lived assets and no short sales.

Original languageEnglish
Pages (from-to)805–824
Number of pages20
JournalEconomic Theory
Issue number4
Early online date1 Jul 2016
Publication statusPublished - 1 Dec 2017


  • Long-lived assets
  • Optimality
  • Overlapping generations


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