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Constrained Suboptimality In Incomplete Markets
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Book Synopsis Constrained Suboptimality in Incomplete Markets by : Alessandro Citanna
Download or read book Constrained Suboptimality in Incomplete Markets written by Alessandro Citanna and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we re-examine generic constrained suboptimality of equilibrium allocations with incomplete numeraire asset markets. We provide a general framework which is capable of resolving some issues left open by the previous literature, and encompasses many kinds of intervention in partially controlled market economies. In particular, we establish generic constrained suboptimality, as studied by Geanakoplos and Polemarchakis, even without an upper bound on the number of households. Moreover, we consider the case where asset markets are left open, and the planner can make lump-sum transfers in a limited number of goods. We show that such a perfectly anticipated wealth redistribution policy, though consistent with the assumed incomplete financial structure, is typically effective.
Book Synopsis Constrained Suboptimality in Incomplete Markets by : Alessandro Citanna
Download or read book Constrained Suboptimality in Incomplete Markets written by Alessandro Citanna and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Constrained Suboptimality with Many Agents by : Atsushi Kajii
Download or read book Constrained Suboptimality with Many Agents written by Atsushi Kajii and published by . This book was released on 1992 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete by : Heraklis M. Polemarchakis
Download or read book Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete written by Heraklis M. Polemarchakis and published by . This book was released on 1985 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pecuniary Externalities of Futures Trading and Constrained Suboptimality by : Makoto Yano
Download or read book Pecuniary Externalities of Futures Trading and Constrained Suboptimality written by Makoto Yano and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the constrained suboptimality of a futures market equilibrium in incomplete markets. It explains the constrained suboptimality in terms of the pecuniary externalities that futures trading may cause by affecting spot relative prices. It presents the decomposition of a pecuniary externality into hedging and speculative factors and, by these factors, characterizes the constrained suboptimality. This characterization gives interpretable sufficient conditions which can exclude, from a futures market equilibrium, Hart's pathology that the opening of a new market makes every agent worse off or, equivalently, that the closing of an existing market makes every agent better off.
Book Synopsis Constrained Efficient Allocations in Incomplete Markets by : Wan-hsiang Pan
Download or read book Constrained Efficient Allocations in Incomplete Markets written by Wan-hsiang Pan and published by . This book was released on 1993 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Incomplete Markets and Short-Sales Constraints by : Abdelhamid Bizid
Download or read book Incomplete Markets and Short-Sales Constraints written by Abdelhamid Bizid and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a general discrete-time dynamic financial market with three assets: a riskless bond, a security and a derivative. The market is incomplete (a priori) and at equilibrium. We assume also that the agents of the economy have short-sales constraints on the stock and that the payoff at the expiry of the derivative asset is a monotone function of the underlying security price. The derivative price process is not identified ex ante. This leads the agents to act as if there were no market for this asset at the intermediary dates. Using some nice properties of the pricing probabilities, which are admissible at the equilibrium, we prove that it suffices to consider the subset of the risk-neutral probabilities that overestimate the low values of the security and underestimate its high values with respect to the true probability. This approach greatly reduces the interval of admissible prices for the derivative asset with respect to no-arbitrage, as showed numerically.
Book Synopsis Pareto Improving Financial Innovation in Incomplete Markets by : David Cass
Download or read book Pareto Improving Financial Innovation in Incomplete Markets written by David Cass and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Constrained Efficient Allocation in Incomplete Markets by :
Download or read book Constrained Efficient Allocation in Incomplete Markets written by and published by . This book was released on 1994 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory of Incomplete Markets by : Michael Magill
Download or read book Theory of Incomplete Markets written by Michael Magill and published by MIT Press. This book was released on 2002 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Book Synopsis Constrained Suboptimality When Prices are Non-Competitive by : P. Jean-Jacques Herings
Download or read book Constrained Suboptimality When Prices are Non-Competitive written by P. Jean-Jacques Herings and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper addresses the following question: How efficient is the market system in allocating resources if trade takes place at some prices p that are not necessarily competitive? Even though there are many partial answers to this question, an answer that stands comparison to the rigor by which the first and second welfare theorems are derived is lacking. We first prove a "Folk Theorem" on the generic suboptimality of equilibria at non-competitive prices. The more interesting problem is whether equilibria are constrained optimal, i.e. efficient relative to all allocations that are consistent with prices at which trade takes place. We give a necessary condition, called the separating property, for constrained optimality: Each constrained household should be constrained on each constrained market. If the number of commodities is less than or equal to two, then this necessary condition is also sufficient. In that case equilibria are constrained optimal. In all other cases, this necessary condition is typically not sufficient and equilibria are generically constrained suboptimal.
Book Synopsis Differential Topology and General Equilibrium with Complete and Incomplete Markets by : Antonio Villanacci
Download or read book Differential Topology and General Equilibrium with Complete and Incomplete Markets written by Antonio Villanacci and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .
Book Synopsis Incomplete Markets in Infinite Horizon by : Monique Florenzano
Download or read book Incomplete Markets in Infinite Horizon written by Monique Florenzano and published by . This book was released on 1993 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Constrained Suboptimality when Prices are Non-competitive by : P. J. J. Herings
Download or read book Constrained Suboptimality when Prices are Non-competitive written by P. J. J. Herings and published by . This book was released on 2000 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Generic Pareto Improvement in Competitive Economies with Incomplete Asset Structures by : Alessandro Citanna
Download or read book On Generic Pareto Improvement in Competitive Economies with Incomplete Asset Structures written by Alessandro Citanna and published by . This book was released on 1993 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Fiscal Policy in an Incomplete Markets Framework by : Charles P. Thomas
Download or read book The Role of Fiscal Policy in an Incomplete Markets Framework written by Charles P. Thomas and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Organization with Incomplete Information by : Mukul Majumdar
Download or read book Organization with Incomplete Information written by Mukul Majumdar and published by Cambridge University Press. This book was released on 1998-09-13 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: There have been systematic attempts over the last twenty-five years to explore the implications of decision making with incomplete information and to model an 'economic man' as an information-processing organism. These efforts are associated with the work of Roy Radner, who joins other analysts in this collection to offer accessible overviews of the existing literature on topics such as Walrasian equilibrium with incomplete markets, rational expectations equilibrium, learning, Markovian games, dynamic game-theoretic models of organization, and experimental work on mechanism selection. Some essays also take up relatively new themes related to bounded rationality, complexity of decisions, and economic survival. The collection overall introduces models that add to the toolbox of economists, expand the boundaries of economic analysis, and enrich our understanding of the inefficiencies and complexities of organizational design in the presence of uncertainty.
