Debt and welfare in economies with land

Nikolaos Kokonas, Herakles Polemarchakis

Research output: Contribution to journalArticle

1 Citation (Scopus)
153 Downloads (Pure)

Abstract

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
Volume64
Issue number4
Early online date1 Jul 2016
DOIs
Publication statusPublished - 1 Dec 2017

Keywords

  • Long-lived assets
  • Optimality
  • Overlapping generations

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