Stochastic OLG Models, Market Structure, and Optimality
نویسندگان
چکیده
For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficiency is weakened to ex post Pareto optimality. Journal of Economic Literature Classification Numbers: D52, D61. 1999 Academic Press
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