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Short sales, destruction of resources, welfare
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Kokonas, Nikolaos and Polemarchakis, H. M. (2016) Short sales, destruction of resources, welfare. Journal of Mathematical Economics, 67 . pp. 120-124. doi:10.1016/j.jmateco.2016.09.006 ISSN 0304-4068.
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WRAP_H Polemarchakis_destruction paper.pdf - Accepted Version - Requires a PDF viewer. Download (527Kb) |
Official URL: http://dx.doi.org/10.1016/j.jmateco.2016.09.006
Abstract
A reduction in the output of productive assets (trees) in some contingencies may expand the range of risks spanned by the payoffs of assets and allow for better risk sharing; which 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 support a Pareto superior allocation.
Item Type: | Journal Article | ||||||||||
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Divisions: | Faculty of Social Sciences > Economics | ||||||||||
Journal or Publication Title: | Journal of Mathematical Economics | ||||||||||
Publisher: | Elsevier | ||||||||||
ISSN: | 0304-4068 | ||||||||||
Official Date: | December 2016 | ||||||||||
Dates: |
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Volume: | 67 | ||||||||||
Page Range: | pp. 120-124 | ||||||||||
DOI: | 10.1016/j.jmateco.2016.09.006 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||
Date of first compliant deposit: | 8 November 2016 | ||||||||||
Date of first compliant Open Access: | 16 March 2018 | ||||||||||
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