Kokonas, Nikos and Polemarchakis, H. M. (2015) Suboptimality with land. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1103). (Unpublished)

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Abstract

In a stochastic economy of overlapping generations subject to uninsurable risks, competitive allocations need not be constrained optimal. This is the case even in the presence of long-lived assets and no short sales.

Item Type:	Working or Discussion Paper (Working Paper)
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Economic development , Stochastic models, Land, Interest rates , Uncertainty
Series Name:	Warwick economics research papers series (WERPS)
Publisher:	University of Warwick. Department of Economics
Place of Publication:	Coventry
ISSN:	0083-7350
Official Date:	December 2015
Dates:	Date Event December 2015 Available
Number:	1103
Number of Pages:	22
Institution:	University of Warwick
Status:	Not Peer Reviewed
Publication Status:	Unpublished
Access rights to Published version:	Open Access
Description:	Also appears as CRETA Discussion Paper No. 13

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