The existence and efficiency of general equilibrium with incomplete markets under Knightian uncertainty

被引：2
|
作者：
Ma, Wei [1 ]
机构：
[1] Univ Pretoria, Dept Econ, ZA-0002 Pretoria, South Africa
来源：
ECONOMICS LETTERS | 2015年 / 134卷
关键词：
Knightian uncertainty; Incomplete markets; General equilibrium; Pareto efficiency;
D O I：
10.1016/j.econlet.2015.06.013
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper first establishes the existence of equilibrium for an economy with Knightian uncertainty and incomplete markets, and then demonstrates the constrained Pareto efficiency of the equilibrium when there is one commodity only in each state of nature. (C) 2015 Elsevier B.V. All rights reserved.
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页码：78 / 81
页数：4
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