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Contingent commodities and implementation

Author

Listed:
  • Chattopadhyay, S.
  • Naeve, Jörg

Abstract

In this note we study the relevance of using contingent commodity allocations when states are not directly contractible. In such a setting, a contingent commodity allocation takes the form of a social choice function, and the question is whether this function is implementable. Using only very mild assumptions on the rule for selecting contingent commodity allocations, we derive a strong negative result which proves to be robust with respect to different solution concepts employed for implementation. These findings have interesting implications for the interpretation of Arrow–Debreu economies.

Suggested Citation

  • Chattopadhyay, S. & Naeve, Jörg, 2000. "Contingent commodities and implementation," IFCS - Working Papers in Economic History.WH 3815, Universidad Carlos III de Madrid. Instituto Figuerola.
  • Handle: RePEc:cte:whrepe:3815
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    Keywords

    Contingent commodities;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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