Idiosyncratic risk and financial policy
نویسندگان
چکیده
In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete. © 2011 Elsevier Inc. All rights reserved. JEL classification: D52; D60; H20
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 146 شماره
صفحات -
تاریخ انتشار 2011