English, Article, Journal or magazine article edition: Contracts for uncertain delivery João Correia-da-Silva; Carlos Hervés-Beloso

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Bookmark: http://trove.nla.gov.au/version/182353
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Contracts for uncertain delivery
Author
  • João Correia-da-Silva
  • Carlos Hervés-Beloso
Physical Description
  • preprint
Notes
  • We propose the notion of objects of choice as uncertain consumption bundles, extending the formulation of Arrow (1953). Agents sign “contracts for uncertain delivery”, which specify a list of alternative bundles, instead of a single one. This allows us to incorporate uncertainty and asymmetric information in the model of Arrow-Debreu. Relatively to the model of Radner (1968), efficiency of trade is increased and some “no trade” situations are avoided, while the classical results still hold: existence of core and competitive equilibrium, core convergence, welfare theorems, etc.
  • Uncertainty, Asymmetric information, Private information, Contingent delivery, Radner equilibrium.
  • RePEc:por:fepwps:165
Language
  • English
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