Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/80204
Authors: 
Herings, P. J. J.
Polemarchakis, H.
Year of Publication: 
2001
Series/Report no.: 
Working Paper, Brown University, Department of Economics 2001-31
Abstract: 
When the asset market is incomplete, competitive equilibria are constrained suboptimal, and there is scope for Pareto improving interventions. Price regulation, which operates anonymously, on market variables, can be such a Pareto improving policy, even when the welfare effects of rationing are taken into account.
Subjects: 
incomplete asset market
fix-price equilibria
Pareto improvement.
JEL: 
D45
D52
D60
Document Type: 
Working Paper

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