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Thus, the range of stockholding function is wider with short sale than without.
However, its impact increases drastically when the beginning-of-period stockholdings approach the two end points.
For instance, for = 10, stockholdings are 117% of income and bond holdings are 28% of income.
The horizontal axis is an agent's stockholdings at the beginning of the period.
Unlike consumption and stockholdings, stock prices are not monotonic functions of beginning-of-period stockholdings.
The intuition behind this is that, when agents' stockholdings approach the end points, the wealth distribution among agents can be very uneven.
The lower bound on agents' stockholdings is determined when the equilibrium is found.
For every exogenous state, an agent's consumption for both economies is an increasing function of her beginning-of-period stockholdings.
This is especially prominent when an agent with a low initial stockholding also has a realization of low output of production.
On the other hand, agents change their stockholding positions more often in the economy with no short sale than in the economy with short sale.
Vertical intercorporate stockholding might allow a firm to secure a stable supply of raw materials by holding shares in a firm that supplies those materials.
Figure 1 shows the implication of equating the expected utility from participating in the asset market and the expected autarky utility on stockholdings.
However, it is possible that stockholdings and the error term in the mobility equation are correlated through unobservables affecting both decisions.
On the other hand, coefficients on other exogenous variables are quite robust to the inclusion of either the stockholdings or the instruments.
This can be attributed to the presence of the constraint on stockholdings.
