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Efficiency in the cake-eating problem with quasi-geometric discounting
by
Juan Carlos Chavez-Martin
,
Del Campo
BibTeX
@MISC{Chavez-Martin_efficiencyin,
author = {Juan Carlos Chavez-Martin and Del Campo},
title = {Efficiency in the cake-eating problem with quasi-geometric discounting},
year = {}
}
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Abstract
Abstract This paper shows that any equilibrium allocation in the cake-eating problem with quasi-geometric discounting is not Pareto efficient. However, efficiency can be established by introducing a planner who controls the initial endowment and makes transfers over time. It is shown than any Pareto efficient allocation can be supported by a perfect equilibrium with transfers.
