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This note provides a correction for Lemma 4 in Kilenthong (Econ Theory 46:475–501, 2011). As pointed out in Zierhut (Econ Theory Bull, 2013), Assumption 2 in Kilenthong (Econ Theory 46:475–501, 2011) is not sufficient to guarantee that optimal allocations will be full risk sharing as claimed in Lemma 4 in Kilenthong (Econ Theory 46:475–501, 2011). This note shows that the main result still holds for...
In a recent issue of Economic Theory, Kilenthong (Econ Theory 46:475–501, 2011) studies the problem of a social planner who can redistribute future consumption by changing agents’ asset portfolios subject to individual collateral constraints. One of the findings is that aggregate consumption good endowment and collateral asset payoffs together imply a minimum level of aggregate collateral beyond which...
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