| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2009/09 |
| 形態種別 | 【論文】研究論文（学術雑誌）＜査読あり＞ |
| 査読 | 査読あり |
| 標題 | Incomplete Market Participation, Endogenous Endowment Risks and Welfare |
| 執筆形態 | 単著 |
| 掲載誌名 | Journal of Economics and Business |
| 巻・号・頁 | 61(5),392--403 |
| 概要 | This paper investigates the equilibrium growth rate of capital stock and social welfare when risk-sharing externalities are incorporated into the infinite-horizon model where endowment risks are endogenized by the degree of incomplete market participation. There exist Nash equilibria depending on the degree of market participation. Under equilibrium with incomplete market participation, the endowment risks cannot be fully diversified as they induce precautionary savings and the over-accumulation of capital stocks while spillover effects on production technologies lead to the under-accumulation of capital stocks. This may have desirable effects on economic growth and improve social welfare. |