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- Stochastic Olg Models, Market Structure And Optimality

Author

Listed:
  • Piero Gottardi

    (Yale University)

  • Subir Chattopadhyay

    (Universidad de Alicante)

Abstract
For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficency is weakened to ex post Pareto optimality.

Suggested Citation

  • Piero Gottardi & Subir Chattopadhyay, 1999. "- Stochastic Olg Models, Market Structure And Optimality," Working Papers. Serie AD 1999-15, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasad:1999-15
    as

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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1999-15.pdf
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    References listed on IDEAS

    as
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