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      <record key="001" att1="001" value="186363" att2="186363">001   186363</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-290.pdf</field>
      <field key="079" subkey="z">Dierker, Egbert, The Inefficiency of Price Taking Behavior in Multiperiod Production Economies with Incomplete Markets (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/290.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 290 (RePEc)</field>
      <field key="100" subkey="">Dierker, Egbert</field>
      <field key="103" subkey="">Department of Economics and Finance, Institute for Advanced Studies, and Vienna Graduate School of Economics, Vienna, Austria</field>
      <field key="331" subkey="">The Inefficiency of Price Taking Behavior in Multiperiod Production Economies with Incomplete Markets</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2012, September</field>
      <field key="433" subkey="">22 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 290</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; Surplus maximization in an economy with additively separable, quasilinear utilities;</field>
      <field key="Dep" subkey="a">rtures from additive separability; Welfare maximization without additive separability and quasilinearity; How can one derive</field>
      <field key="a g" subkey="e">neralized Drèze rule from efficiency considerations?; Conclusions; References;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 290</field>
      <field key="700" subkey="">D21</field>
      <field key="700" subkey="">D52</field>
      <field key="700" subkey="">D61</field>
      <field key="720" subkey="">Incomplete markets with production</field>
      <field key="720" subkey="">The objective of a firm</field>
      <field key="720" subkey="">Drèze equilibria with sequential trade</field>
      <field key="720" subkey="">Efficiency and social welfare</field>
      <field key="753" subkey="">Abstract: The purpose of this paper is to explore how the concept of a Drèze equilibrium can be extended to multiperiod</field>
      <field key="pro" subkey="d">uction economies with incomplete markets. Constrained efficiency cannot serve as a basis for such an extension because</field>
      <field key="mul" subkey="t">iperiod models tend to violate even weak constrained efficiency requirements. We show by means of examples how the</field>
      <field key="dif" subkey="f">iculties that arise in the case of sequential trade can be taken into account. Finally, we employ the concept of minimal</field>
      <field key="eff" subkey="i">ciency, which has been introduced by Dierker et al. (2005) in a two-period model, to derive a natural extension of the Drèze</field>
      <field key="rul" subkey="e">. This is possible because minimal efficiency relies on a planner who can choose the production plan but who cannot interfere</field>
      <field key="wit" subkey="h">future consumption otherwise.;</field>
    </SEQUENTIAL>
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