Contracts for Uncertain Delivery

• Autores: Carlos Hervés Beloso , João Correia da Silva
• Localización: Working paper series ( RGEA ), Nº. 2, 2005
• Idioma: español
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• Resumen

  • 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