Arbeitspapier
A social welfare function characterizing competitive equilibria of incomplete financial markets
A classic characterization of competitive equilibria views them as feasible allocations maximizing a weighted sum of utilities. It has been applied to establish fundamental properties of the equilibrium notion, such as existence, determinacy, and computability. However, it fails for economies with missing financial markets. We give such a characterization for economies with missing financial markets, by an amended social welfare function. Its parameters capture both the relative importance of households' welfare-the classic weights-as well as the disagreements among them as to the value of the missing markets. As a by-product, we identify the dimension of the set of interior equilibrium allocations.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2008-10
- Klassifikation
-
Wirtschaft
Incomplete Markets
Allocative Efficiency; Cost-Benefit Analysis
- Thema
-
incomplete markets
social welfare function
manifold
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Tirelli, Mario
Turner, Sergio
- Ereignis
-
Veröffentlichung
- (wer)
-
Brown University, Department of Economics
- (wo)
-
Providence, RI
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Tirelli, Mario
- Turner, Sergio
- Brown University, Department of Economics
Entstanden
- 2008
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