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Idiosyncratic risk and financial policy
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Carvajal, Andrés M. and Polemarchakis, H. M. (2011) Idiosyncratic risk and financial policy. Journal of Economic Theory, Vol.146 (No.4). pp. 1569-1597. doi:10.1016/j.jet.2011.03.012 ISSN 0022-0531.
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Official URL: http://dx.doi.org/10.1016/j.jet.2011.03.012
Abstract
In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Risk, Constrained optimization | ||||
Journal or Publication Title: | Journal of Economic Theory | ||||
Publisher: | Academic Press | ||||
ISSN: | 0022-0531 | ||||
Official Date: | July 2011 | ||||
Dates: |
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Volume: | Vol.146 | ||||
Number: | No.4 | ||||
Page Range: | pp. 1569-1597 | ||||
DOI: | 10.1016/j.jet.2011.03.012 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access | ||||
Date of first compliant deposit: | 18 December 2015 | ||||
Date of first compliant Open Access: | 18 December 2015 | ||||
Funder: | Yale University. Cowles Foundation for Research in Economics |
Data sourced from Thomson Reuters' Web of Knowledge
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