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dc.contributor.authorTirelli, Marioen_US
dc.contributor.authorTurner, Sergioen_US
dc.description.abstractA classic characterization of competitive equilibria views them as feasible allocations maximizing a weighted sum of utilities. It has been applied to establish fundamental properties of the equilibrium notion, such as existence, determinacy, and computability. However, it fails for economies with missing financial markets. We give such a characterization for economies with missing financial markets, by an amended social welfare function. Its parameters capture both the relative importance of households' welfare-the classic weights-as well as the disagreements among them as to the value of the missing markets. As a by-product, we identify the dimension of the set of interior equilibrium allocations.en_US
dc.publisherBrown University, Department of Economics Providence, RIen_US
dc.relation.ispartofseriesWorking Paper, Brown University, Department of Economics 2008-10en_US
dc.subject.keywordincomplete marketsen_US
dc.subject.keywordsocial welfare functionen_US
dc.titleA social welfare function characterizing competitive equilibria of incomplete financial marketsen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Department of Economics, Brown University

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