Efficiency with Uncertain Supply

DOI10.2307/2296933MaRDI QIDQ3875657zbMATH OpenOpenAlexFDO

Authors Peter Diamond

Publication date 1980

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL https://doi.org/10.2307/2296933

zbMATH Keywords

efficiencyrational expectationscompetitive equilibriumincomplete marketstwo states of natureuncertain supplypresence of uncertaintypublic policiescompetitive exchange economytwo goodstwo types of agents

Mathematics Subject Classification ID

General equilibrium theory (91B50)

Cited in

(3)

• An introduction to general equilibrium with incomplete asset markets
• Nonexistence of constrained efficient production plans
• Generic inefficiency of stock market equilibrium when markets are incomplete

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