Endogenous market incompleteness without market frictions: dynamic suboptimality of competitive equilibrium in multiperiod overlapping generations economies

DOI10.1016/j.jet.2010.09.006zbMath1258.91065OpenAlexW1971495243MaRDI QIDQ413483

Espen Henriksen, Stephan E. Spear

Publication date: 7 May 2012

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jet.2010.09.006

zbMATH Keywords

incomplete marketsstochastic overlapping generations

Mathematics Subject Classification ID

Special types of economic equilibria (91B52) Microeconomic theory (price theory and economic markets) (91B24) Auctions, bargaining, bidding and selling, and other market models (91B26) Special types of economic markets (including Cournot, Bertrand) (91B54)

Related Items (7)

Habit formation and indeterminacy in overlapping generations models ⋮ Introduction to general equilibrium ⋮ Productivity and welfare in an overlapping generations model with housing ⋮ Indeterminacy in stochastic overlapping generations models: real effects in the long run ⋮ A characterization of Markov equilibrium in stochastic overlapping generations models ⋮ A characterization of inefficiency in stochastic overlapping generations economies ⋮ EQUILIBRIUM INDETERMINACY IN A MODEL OF CONSTRAINED FINANCIAL MARKETS

Cites Work

• Dynamic efficiency in overlapping generations models with stochastic production
• Rational expectations in the overlapping generations model
• Markov rational expectations equilibria in an overlapping generations model
• Informational diversity over time and optimality of monetary equilibria
• Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models
• Optimality, the interaction of spot and futures markets, and the nonneutrality of money in the Lucas model
• On optimality in intergenerational risk sharing
• Stochastic OLG models, market structure, and optimality
• Short-memory equilibrium in stochastic overlapping generations economies
• Assessing Dynamic Efficiency: Theory and Evidence
• Stationary Markov Equilibria
• Recursive Equilibrium in Stochastic Overlapping-Generations Economies
• Approximate versus Exact Equilibria in Dynamic Economies

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