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Symmetric Smooth Consumption Externalities

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  • Hervé Crès

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Based on Arrow's model of a pure exchange economy with smooth consumption externalities, this paper studies how the internalization of external effects through a network of markets between agents introduces symmetry breakings in the set of equilibria. It shows indeed how identical agents can be treated asymmetrically by complete markets.

Suggested Citation

  • Hervé Crès, 1996. "Symmetric Smooth Consumption Externalities," Post-Print hal-03598166, HAL.
    • Handle: RePEc:hal:journl:hal-03598166
    DOI: 10.1006/jeth.1996.0058
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03598166
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    References listed on IDEAS

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    1. Goenka, Aditya, 1994. "Fiscal Rules and Extrinsic Uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(3), pages 401-416, May.
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    3. CHAMPSAUR, Paul, 1976. "Symmetry and continuity properties of Lindahl equilibria," LIDAM Reprints CORE 263, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Starrett, David A., 1972. "Fundamental nonconvexities in the theory of externalities," Journal of Economic Theory, Elsevier, vol. 4(2), pages 180-199, April.
    5. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
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    9. Champsaur, Paul, 1976. "Symmetry and continuity properties of Lindahl equilibria," Journal of Mathematical Economics, Elsevier, vol. 3(1), pages 19-36, March.
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    Cited by:

    1. Jean-Marc Bonnisseau & Elena Mercato, 2010. "Externalities, consumption constraints and regular economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 44(1), pages 123-147, July.
    2. John P. Conley & Stefani C. Smith, 2004. "Existence and Efficiency of a Price-Taking Equilibrium in an Economy with Public Goods, Externalities and Property Rights: A Coasian Approach," Vanderbilt University Department of Economics Working Papers 0403, Vanderbilt University Department of Economics, revised Jan 2004.
    3. Conley, John P. & Smith, Stefani C., 2005. "Coasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 41(6), pages 687-704, September.

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    Keywords

    Symmetric Smooth; Consumption;

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