Generic inefficiency of stock market equilibrium when markets are incomplete
当资产市场不完全且每个自然状态下有两种以上消费品时，对于固定的消费者偏好、企业技术以及初始禀赋的通用分配，竞争均衡的投资决策是受约束的无效率的。外部机构仅通过重新引导企业投资决策和事前一次性转移支付即可改善所有消费者的福利。
If the asset market is incomplete, and if there are two or more consumption goods in each state of nature, then for fixed consumer preferences (of at least two agents), and fixed (non-trivial) technologies for the firm(s), and for a generic assignment of initial endowments, competitive equilibrium investment decisions are constrained inefficient. An outside agency can, simply by redirecting the investment decisions of firms and by lump sum transfers to individuals before the state of nature is realized, make all consumers better off.