Information and securities: A note on Pareto dominance and the second best

DOI10.1016/0022-0531(87)90062-7MaRDI QIDQ581201zbMATH OpenOpenAlexFDO

Authors Frank Milne, H. M. Shefrin

Publication date 1987

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

Full work available at URL https://doi.org/10.1016/0022-0531(87)90062-7

zbMATH Keywords

Pareto dominanceincomplete market economysecond-best

Mathematics Subject Classification ID

Trade models (91B60)

Recommendations

• Value of information in competitive economies with incomplete markets
• Information, trade and incomplete markets
• Incomplete risk sharing arrangements and the value of information
• General Competitive Analysis in an Economy with Private Information
• scientific article; zbMATH DE number 1264575

Cites work

• scientific article; zbMATH DE number 3307201 (Why is no real title available?)
• Consumer Preferences, Linear Demand Functions and Aggregation in Competitive Asset Markets
• Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets
• Induced preferences and the theory of the consumer
• Inefficiency and the Demand for "Money" in a Sequence Economy
• On Transaction Costs, Inessential Sequence Economies and Money
• On the optimality of equilibrium when the market structure is incomplete

Cited in

(5)

• Standard Securities
• Asset pricing in an intertemporal partially-revealing rational expectations equilibrium.
• Externalities, monopoly and the objective function of the firm
• Value of information in competitive economies with incomplete markets
• Spoiled for choice: Variety and efficiency in markets with incomplete information

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