Moral hazard and efficiency in general equilibrium with anonymous trading /
A "folk theorem" originating, among others, in the work of Stiglitz maintains that competitive equilibria area always or "generically" inefficient (unless contracts directly specify consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This...
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| Format: | Book |
| Language: | English |
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Cambridge, MA :
Massachusetts Institute of Technology, Dept. of Economics,
[2010]
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| Series: | Working paper (Massachusetts Institute of Technology. Department of Economics) ;
no. 10-08 |
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Internet
This item is not available through BorrowDirect. Please contact your institution’s interlibrary loan office for further assistance.Massachusetts Institute of Technology
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HB31.M415 no.10-08 |
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