Constrained efficiency without commitment

DOI10.1016/J.JMATECO.2015.09.010MaRDI QIDQ898696zbMATH OpenOpenAlexFDO

Authors V. Filipe Martins-da-Rocha, Yiannis Vailakis

Publication date 18 December 2015

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL http://eprints.gla.ac.uk/111453/7/111453.pdf

zbMATH Keywords

limited commitmentconstrained Pareto efficiencyhigh implied interest rates

Mathematics Subject Classification ID

General equilibrium theory (91B50) Special types of economic markets (including Cournot, Bertrand) (91B54)

Recommendations

• Implications of Efficient Risk Sharing without Commitment
• Non-commitment and savings in dynamic risk-sharing contracts
• Markov-perfect risk sharing, moral hazard and limited commitment
• Asset prices, debt constraints and inefficiency
• Unique Markov equilibrium under limited commitment

Cites work

• Asset prices, debt constraints and inefficiency
• Debt Constrained Asset Markets
• Efficiency, Equilibrium, and Asset Pricing with Risk of Default
• Liquidity Constrained Markets Versus Debt Constrained Markets

Cited in

(11)

• Asset prices, debt constraints and inefficiency
• On Ramsey's conjecture: efficient allocations in the neoclassical growth model with private information
• Competitive equilibria with limited enforcement
• Unique Markov equilibrium under limited commitment
• Non-commitment and savings in dynamic risk-sharing contracts
• Sharing risk efficiently under suboptimal punishments for defection
• Equilibrium efficiency with secured and unsecured assets
• When can we do better than autarky?
• Introduction to financial frictions and debt constraints
• The Time Structure of Self-Enforcing Agreements
• Efficient allocations with hidden income and hidden storage

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