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| Author: | Cass, D. Citanna, A. |
| Title: | Pareto improving financial innovation in incomplete markets |
| Journal: | Economic Theory
1998 : VOL. 11:3, p. 467-494 |
| Index terms: | ECONOMIC THEORY PARETO LAW FINANCIAL INNOVATION INCOMPLETE MARKETS |
| Language: | eng |
| Abstract: | This study develops a differential technique for investigating the welfare effects of financial innovation in incomplete markets. Utilizing this technique, and after parametrizing the standard competitive, pure-exchange economy by both endowments and utility functions, a generic property is established. The study also devises a very simple nonparametric procedure for reducing extensive household heterogeneity to manageable size. |
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