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Suboptimality with land

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  • Kokonas, Nikos
  • Polemarchakis, Herakles

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.

Suggested Citation

  • Kokonas, Nikos & Polemarchakis, Herakles, 2015. "Suboptimality with land," Economic Research Papers 269722, University of Warwick - Department of Economics.
    • Handle: RePEc:ags:uwarer:269722
    DOI: 10.22004/ag.econ.269722
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    References listed on IDEAS

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