Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty

This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty and ex ante heterogeneous agents. I show how to implement Pareto-optima as equilibria when agents can trade claims to consumption contingent on aggregate shocks in financial

本文研究了存在总不确定性与事前异质性经济行为人的私人信息经济中的帕累托最优风险分担安排。本文证明了当经济行为人可在金融领域交易基于总冲击的或有消费索取权时，如何将帕累托最优配置实现为均衡状态。