Arbeitspapier
Pareto improving financial innovation in incomplete markets
Financial innovation in an existing asset generically supports a Pareto improvement, targeting the income effect. This result, as several on taxation, owes to one unifying notion: that an intervention generically supports Pareto improvements if the implied price adjustment is sufficiently sensitive to the economy’s risk aversion. Elul (1995) and Cass and Citanna (1998) introduce financial innovation in a new unwanted asset, targeting the substitution effect. Our result requires an initial position of greater asset completeness, but not the addition of a new asset market. The existence argument relies on recent developments in demand theory with incomplete markets.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2006-10
- Klassifikation
-
Wirtschaft
- Thema
-
Finanzinnovation
Unvollkommener Markt
Pareto-Optimum
Wohlfahrtsanalyse
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Turner, Sergio
- Ereignis
-
Veröffentlichung
- (wer)
-
Brown University, Department of Economics
- (wo)
-
Providence, RI
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 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
- Turner, Sergio
- Brown University, Department of Economics
Entstanden
- 2005
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