Add to ORKGThis paper examines the welfare of consumers in an incomplete markets economy with extrinsic uncertainty. It is shown that the utility of one consumer may be minimized at the Walrasian allocation relative to all other equilibrium allocations for a given security structure. Thus, this consumer will have no incentive to trade the new securities if they complete the insurance markets.Sunspot equilibrium, incomplete markets, financial innovation, welfare analysis.
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider economies with additively separable utility functions and give conditions for the two-ag...
This paper offers an alternative approach to the existence of sunspot equilibria. The economy has a ...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyse the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyse the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
Money is one of the most important elements in the modern economy, but it has a critical disadvantag...
It is by now well known that the sort of difference equations that characterize the equilibrium cond...
Since the 1980\u27s research of the model of incomplete financial markets has been a major issue in ...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider economies with additively separable utility functions and give conditions for the two-ag...
This paper offers an alternative approach to the existence of sunspot equilibria. The economy has a ...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyse the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyse the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
In a two-period, sunspot, pure-exchange economy we analyze the case in which agents do not assign su...
Money is one of the most important elements in the modern economy, but it has a critical disadvantag...
It is by now well known that the sort of difference equations that characterize the equilibrium cond...
Since the 1980\u27s research of the model of incomplete financial markets has been a major issue in ...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We consider economies with additively separable utility functions and give conditions for the two-ag...