Suboptimality with land Suboptimality with land

Nikos Kokonas, Herakles Polemarchakis, Nikos Kokonas, Herakles Polemarchakis
2015 unpublished
In a stochastic economy of overlapping generations subject to uninsurable risks, competitive allocations need not be constrained optimal. This is the case even in the presence of long-lived assets and no short sales.
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