Debt and welfare in economies with land

Nikolaos Kokonas, Herakles Polemarchakis

Research output: Contribution to journalArticle

1 Citation (Scopus)
105 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

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Overlapping generations
Assets
Pareto improvement
Debt
Short sales

Keywords

  • Long-lived assets
  • Optimality
  • Overlapping generations

Cite this

Debt and welfare in economies with land. / Kokonas, Nikolaos; Polemarchakis, Herakles.

In: Economic Theory, Vol. 64, No. 4, 01.12.2017, p. 805–824.

Research output: Contribution to journalArticle

Kokonas, Nikolaos ; Polemarchakis, Herakles. / Debt and welfare in economies with land. In: Economic Theory. 2017 ; Vol. 64, No. 4. pp. 805–824.
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