Idiosyncratic risk and financial policy |
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| Authors: | Andrés Carvajal Herakles Polemarchakis |
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| Institution: | Department of Economics, University of Warwick, Coventry CV4 7AL, United Kingdom |
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| Abstract: | 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. |
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| Keywords: | D52 D60 H20 |
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