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Inefficient Household Decisions and Efficient Markets

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  • Hans Haller

Abstract

Collective consumption decisions taken by the members of a household may prove inefficient. This paper investigates the impact of inefficient household decisions on market performance when there is competitive exchange among households. Market efficiency can occur when household inefficiencies are merely due to inefficient net trades with the market. On the other hand, if household inefficiencies are solely caused by an inefficient distribution of a household's aggregate consumption to its individual members, then market efficiency is bound to fail.

Suggested Citation

  • Hans Haller, 1997. "Inefficient Household Decisions and Efficient Markets," CESifo Working Paper Series 138, CESifo.
    • Handle: RePEc:ces:ceswps:_138
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    File URL: https://www.cesifo.org/DocDL/ces_wp138.pdf
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    Cited by:

    1. Hans-Werner Sinn, 1999. "Inflation and Welfare: Comment on Robert Lucas," NBER Working Papers 6979, National Bureau of Economic Research, Inc.

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