Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete

A Difficulty in the Concept of Social Welfare

Kenneth J. Arrow · Journal of Political Economy · 1950 · 2.1K citations

Public Affairs, Social Policy, Welfare Policy +7

Pareto Optimality in Non-Convex Economies

Roger Guesnerie · Econometrica · 1975 · 167 citations

Social Sciences, Economics, Decentralization +15

Pareto Optimality in Non-Convex Economies

Roger Guesnerie · Econometrica · 1975 · 143 citations

Social Sciences, Economics, Decentralization +15

Generic inefficiency of stock market equilibrium when markets are incomplete

John Geanakoplos, Michael Magill, Martine Quinzii et al. · Journal of Mathematical Economics · 1990 · 120 citations · Full text

Social Sciences, Business Economics, Economics +17