A Social Welfare Function Characterizing Competitive Equilibria of Incomplete Financial Markets
نویسندگان
چکیده
منابع مشابه
Pareto Improving Social Security Reform when Financial Markets are Incomplete!?¤
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired households with claims to labor income enhances the sharing of aggregate risk between generations. Ou...
متن کاملComputing Equilibria when Asset Markets are Incomplete
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected].. The Econometric Society is collaborating with JSTOR to di...
متن کاملNash equilibria in competitive electric energy markets
Several countries have modified the structure of their Electric Energy Markets (EEM) by the introduction of various levels of competence in the generation, transmission and distribution areas, which allows the generators to sell their production at a short-term market price (or spot price). The fundamental premise of the regulation is that the global efficiency can be improved through a strong ...
متن کاملDynamic Competitive Equilibria in Electricity Markets
This chapter addresses the economic theory of electricity markets, viewed from an idealized competitive equilibrium setting, taking into account volatility and the physical and operational constraints inherent to transmission and generation. In a general dynamic setting, we establish many of the standard conclusions of competitive equilibrium theory: Market equilibria are efficient, and average...
متن کاملPareto Optima and Competitive Equilibria with Moral Hazard and Financial Markets
In this paper, we study a two-period pure exchange economy with idiosyncratic uncertainty, moral hazard and multiple consumption goods. We consider two different market structures: contingent commodity markets on the one hand, and financial plus spot commodity markets on the other hand. We propose a competitive equilibrium concept for each market structure. We first verify that it is possible t...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1153518