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Suboptimality with land

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Listed:
  • Nikos Kokonas
  • Herakles Polemarchakis

    (University of Warwick)

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

  • Nikos Kokonas & Herakles Polemarchakis, 2016. "Suboptimality with land," Department of Economics Working Papers 45/15, University of Bath, Department of Economics.
    • Handle: RePEc:eid:wpaper:58154
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    References listed on IDEAS

    as
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