Arbeitspapier
A case for incomplete markets
We propose a new welfare criterion that allows us to rank alternative financial market structures in the presence of belief heterogeneity. We analyze economies with complete and incomplete financial markets and/or restricted trading possibilities in the form of borrowing limits or transaction costs. We describe circumstances under which various restrictions on financial markets are desirable according to our welfare criterion.
- Sprache
-
Englisch
- Erschienen in
-
Series: IHS Economics Series ; No. 313
- Klassifikation
-
Wirtschaft
- Thema
-
social welfare
heterogeneous beliefs
spurious unanimity
speculation
pessimism
incomplete markets
financial regulation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Blume, Lawrence E.
Cogley, Timothy
Easley, David A.
Sargent, Thomas J.
Tsyrennikov, Viktor
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute for Advanced Studies (IHS)
- (wo)
-
Vienna
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Blume, Lawrence E.
- Cogley, Timothy
- Easley, David A.
- Sargent, Thomas J.
- Tsyrennikov, Viktor
- Institute for Advanced Studies (IHS)
Entstanden
- 2015
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