Abstract
In a stochastic economy of overlapping generations subject to uninsurable
risks, competitive allocations need not be constrained optimal. This is the
case even in the presence of long-lived assets and no short sales.
risks, competitive allocations need not be constrained optimal. This is the
case even in the presence of long-lived assets and no short sales.
| Original language | English |
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| Place of Publication | Bath, U. K. |
| Publisher | Department of Economics, University of Bath |
| Publication status | Published - 18 Jan 2016 |
Publication series
| Name | Bath Economics Research Working Papers |
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| Volume | 45/15 |