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Externalities, Internalization and Fluctuations

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  • Cres, Herve
  • Ghiglino, Christian
  • Tvede, Mich

Abstract

In this paper, the authors introduce consumption externalities as developed by K. Arrow in overlapping-generations economies. They show how the internalization of externalities--through exchanges at markets for externalities--may give rise to new phenomena such as altered stability properties and fluctuations, even though it restores optimality. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 38 (1997)
Issue (Month): 2 (May)
Pages: 465-77

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Handle: RePEc:ier:iecrev:v:38:y:1997:i:2:p:465-77

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Cited by:
  1. Christian Ghiglino & Sanjeev Goyal, 2008. "Keeping up with the neighbours: social interaction in a market economy," Economics Discussion Papers 655, University of Essex, Department of Economics.
  2. Jang-Ting Guo & Kevin Lansing, 1999. "Fiscal policy, increasing returns, and endogenous fluctuations," Working Papers in Applied Economic Theory 99-08, Federal Reserve Bank of San Francisco.
  3. Sanso, Marcos & Aisa, Rosa M., 2006. "Endogenous longevity, biological deterioration and economic growth," Journal of Health Economics, Elsevier, vol. 25(3), pages 555-578, May.
  4. Marcos Sanso & Rosa M. Aísa, 2005. "Endogenous longevity, biological deterioration and economic growth," Documentos de Trabajo dt2005-10, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.

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