Efficient Allocations with Hidden Income and Hidden Storage
研究个人收入不可观察且可私下存储时的有效消费配置，发现当存储回报率足够高或最坏结果足够糟时，对称有效配置可通过竞争性资产市场分散化实现。
We consider an environment in which individuals receive income shocks that are unobservable to others and can privately store resources. We provide a simple characterization of the unique efficient allocation of consumption in cases in which the rate of return on storage is sufficiently high or, alternatively, in which the worst possible outcome is sufficiently dire. We show that, unlike in environments without unobservable storage, the symmetric efficient allocation of consumption is decentralizable through a competitive asset market in which individuals trade riskfree bonds among themselves.