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dc.contributor.authorTirelli, Marioen
dc.contributor.authorTurner, Sergioen
dc.date.accessioned2010-02-25-
dc.date.accessioned2012-09-17T11:31:27Z-
dc.date.available2012-09-17T11:31:27Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/62627-
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
dc.language.isoengen
dc.publisher|aBrown University, Department of Economics |cProvidence, RIen
dc.relation.ispartofseries|aWorking Paper |x2008-10en
dc.subject.jelD52en
dc.subject.jelD61en
dc.subject.ddc330en
dc.subject.keywordincomplete marketsen
dc.subject.keywordsocial welfare functionen
dc.subject.keywordmanifolden
dc.titleA social welfare function characterizing competitive equilibria of incomplete financial markets-
dc.typeWorking Paperen
dc.identifier.ppn571839320en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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