Endowment redistribution and Pareto improvements in GEI economies

Abstract

"With incomplete markets and numeraire assets, there are open sets of economies such that their equilibrium allocations can be improved upon by a reallocation of period zero endowments. This strengthens the classical results on constrained Pareto inefficiency of equilibria in GEI." (Author's abstract, IAB-Doku) ((en))

Cite article

Mendolicchio, C. & Pietra, T. (2016): Endowment redistribution and Pareto improvements in GEI economies. In: Journal of Mathematical Economics, Vol. 67, p. 181-190. DOI:10.1016/j.jmateco.2016.08.006