Constrained efficiency without commitment

DOI10.1016/J.JMATECO.2015.09.010zbMATH Open1368.91141OpenAlexW1776703700MaRDI QIDQ898696FDOQ898696

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

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

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)

Cites Work

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

Cited In (11)

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

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