Idiosyncratic risk and financial policy

被引：6

作者：

Carvajal, Andres ^{[1
]}

F'olemarchakis, Herakles ^{[1
]}

机构：

[1] Univ Warwick, Dept Econ, Coventry CV4 7AL, W Midlands, England

来源：

JOURNAL OF ECONOMIC THEORY | 2011年 / 146卷 / 04期

关键词：

Uninsurable idiosyncratic risks; Constrained suboptimality; INDIVIDUAL RISKS; IDENTIFICATION; UNCERTAINTY; MARKETS; EQUILIBRIUM; GROWTH;

D O I：

10.1016/j.jet.2011.03.012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete. (C) 2011 Elsevier Inc. All rights reserved.

引用

页码：1569 / 1597

页数：29

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