Debt and welfare in economies with land

Nikolaos Kokonas; Herakles Polemarchakis

doi:10.1007/s00199-016-0986-z

Debt and welfare in economies with land

Nikolaos Kokonas, Herakles Polemarchakis

University of Warwick

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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 language	English
Pages (from-to)	805–824
Number of pages	20
Journal	Economic Theory
Volume	64
Issue number	4
Early online date	1 Jul 2016
DOIs	https://doi.org/10.1007/s00199-016-0986-z
Publication status	Published - 1 Dec 2017

Keywords

Long-lived assets
Optimality
Overlapping generations

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Debt and welfare in economies with landFinal published version, 485 KB

Cite this

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title = "Debt and welfare in economies with land",

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.",

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AU - Polemarchakis, Herakles

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AB - 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.

KW - Long-lived assets

KW - Optimality

KW - Overlapping generations

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UR - http://dx.doi.org/10.1007/s00199-016-0986-z

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VL - 64

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JO - Economic Theory

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ER -

Debt and welfare in economies with land

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Nikolaos Kokonas

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Debt and welfare in economies with land

Abstract

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Nikolaos Kokonas

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