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- W3149232213 abstract "The purpose of this paper is to explore how the concept of a Dreze equilibrium can be extended to multiperiod production economies with incomplete markets. Constrained efficiency cannot serve as a basis for such an extension because multiperiod models tend to violate even weak constrained efficiency requirements. We show by means of examples how the difficulties that arise in the case of sequential trade can be taken into account. Finally, we employ the concept of minimal efficiency, which has been introduced by Dierker et al. (2005) in a two-period model, to derive a natural extension of the Dreze rule. This is possible because minimal efficiency relies on a planner who can choose the production plan but who cannot interfere with future consumption otherwise." @default.
- W3149232213 created "2021-04-13" @default.
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- W3149232213 date "2012-09-01" @default.
- W3149232213 modified "2023-09-27" @default.
- W3149232213 title "The Inefficiency of Price Taking Behavior in Multiperiod Production Economies with Incomplete Markets" @default.
- W3149232213 hasPublicationYear "2012" @default.
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