Stochastic OLG models, market structure, and optimality
成果类型：
Article
署名作者：
Chattopadhyay, S; Gottardi, P
署名单位：
Universitat d'Alacant; Universita Ca Foscari Venezia; Yale University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2543
发表日期：
1999
页码：
21-67
关键词：
摘要：
For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equilibria when markers are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficiency is weakened to ex post Pareto optimality. Journal of Economic Literature Classification Numbers: D52. D61. (C) 1999 Academic Press.