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

DOI10.1016/J.JET.2010.09.006MaRDI QIDQ413483zbMATH OpenOpenAlexFDO

Authors Espen Henriksen, Stephen 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

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

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Cites work

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

Cited in

(11)

• A characterization of inefficiency in stochastic overlapping generations economies
• Productivity and welfare in an overlapping generations model with housing
• Endogenous market incompleteness with investment risks
• Income taxation when markets are incomplete
• Habit formation and indeterminacy in overlapping generations models
• Introduction to general equilibrium
• A characterization of Markov equilibrium in stochastic overlapping generations models
• Indeterminacy in stochastic overlapping generations models: real effects in the long run
• Equilibrium indeterminacy in a model of constrained financial markets
• Overlapping generations and idiosyncratic risk: Can prices reveal the best policy?
• Aggregate risk sharing and equivalent financial mechanisms in an endowment economy of incomplete participation

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