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Short sales, destruction of resources, welfare
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Kokonas, Nikos and Polemarchakis, H. M. (2015) Short sales, destruction of resources, welfare. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1102). (Unpublished)
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
A reduction in the output of productive assets (trees) in some states of the world can expand the span of payoffs of assets; and, improved risk sharing may compensate for the loss of output and support a Pareto superior allocation. Surprisingly, if short sales of assets are not allowed, improved risk sharing that results from the destruction of output does not suffice to induce a Pareto superior allocation.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HG Finance | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Short selling (Securities) , Assets (Accounting), Risk-return relationships, 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: |
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Number: | 1102 | ||||
Number of Pages: | 7 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Description: | Also appears as CRETA Discussion Paper No. 12 |
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