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Investment Under Private Ownership: Optimality, Equilibrium and Stability

In: Allocation under Uncertainty: Equilibrium and Optimality

Author

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  • Jacques H. Drèze

    (Core)

Abstract

The theory of equilibrium and efficiency of resource allocation, initially developed for a world of certainty, has been reinterpreted for a world of uncertainty, thanks to a suggestion made by Arrow [1] and pursued further by Debreu [7].2

Suggested Citation

  • Jacques H. Drèze, 1974. "Investment Under Private Ownership: Optimality, Equilibrium and Stability," International Economic Association Series, in: Jacques H. Drèze (ed.), Allocation under Uncertainty: Equilibrium and Optimality, chapter 9, pages 129-166, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-01989-2_9
    DOI: 10.1007/978-1-349-01989-2_9
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    Cited by:

    1. repec:spo:wpmain:info:hdl:2441/10284 is not listed on IDEAS
    2. John Geanakoplos, 1989. "An Introduction to General Equilibrium with Incomplete Asset Markets," Cowles Foundation Discussion Papers 919, Cowles Foundation for Research in Economics, Yale University.
    3. repec:hal:spmain:info:hdl:2441/10284 is not listed on IDEAS
    4. Alberto Bisin & Gian Luca Clementi & Piero Gottardi, 2014. "Capital Structure and Hedging Demand with Incomplete Markets," NBER Working Papers 20345, National Bureau of Economic Research, Inc.
    5. Chambers, Robert G. & Quiggin, John, 2008. "Narrowing the no-arbitrage bounds," Journal of Mathematical Economics, Elsevier, vol. 44(1), pages 1-14, January.
    6. Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.
    7. Guido Ruta & Piero Gottardi, 2009. "Equilibrium corporate finance," 2009 Meeting Papers 149, Society for Economic Dynamics.
    8. Brown, Murray & Chiang, Shin-Hwan, 2002. "Unsystematic risk and coalition formation in product markets," International Journal of Industrial Organization, Elsevier, vol. 20(3), pages 313-338, March.
    9. Bisin, Alberto; & Gottardi, Piero; & Ruta, Guido, 2014. "Equilibrium corporate finance and intermediation," Economics Working Papers ECO2014/09, European University Institute.
    10. Pradeep Dubey & John Geanakoplos, 2006. "Money and production, and liquidity trap," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(3‐4), pages 295-317, September.
    11. Momi, Takeshi, 2001. "Non-existence of equilibrium in an incomplete stock market economy," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 41-70, February.
    12. Hart, Oliver D. & Zingales, Luigi, 2022. "The New Corporate Governance," Working Papers 317, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    13. S.Y. Wu, 1996. "A General Equilibrium Model of the Three-Sector Competitive Economy," Microeconomics 9603002, University Library of Munich, Germany.
    14. Douglas Gale & Piero Gottardi, 2018. "A General Equilibrium Theory of Capital Structure," 2018 Meeting Papers 264, Society for Economic Dynamics.
    15. Jean‐Jacques Laffont, 1989. "A Brief Overview of the Economics of Incomplete Markets," The Economic Record, The Economic Society of Australia, vol. 65(1), pages 54-65, March.
    16. repec:spo:wpmain:info:hdl:2441/10283 is not listed on IDEAS
    17. Gale, Douglas & Gottardi, Piero, 2020. "A general equilibrium theory of banks' capital structure," Journal of Economic Theory, Elsevier, vol. 186(C).
    18. Piero Gottardi & Douglas Gale, 2017. "Equilibrium Theory of Banks' Capital Structure," 2017 Meeting Papers 380, Society for Economic Dynamics.
    19. repec:hal:spmain:info:hdl:2441/10283 is not listed on IDEAS
    20. Nicolas Caramp & Julian Kozlowski & Keisuke Teeple, 2022. "Liquidity and Investment in General Equilibrium," Working Papers 2022-022, Federal Reserve Bank of St. Louis, revised 07 Jun 2024.
    21. Wettstein, David, 1995. "Incentives and competitive allocations in exchange economies with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 24(3), pages 201-216.
    22. John A. Weymark, 1979. "Optimality Conditions for Public and Private Goods," Public Finance Review, , vol. 7(3), pages 338-351, July.
    23. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2002. "Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete," Econometrica, Econometric Society, vol. 70(3), pages 1245-1251, May.

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