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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," SciencePo Working papers Main hal-03598166, HAL.
    • Handle: RePEc:hal:spmain:hal-03598166
    DOI: 10.1006/jeth.1996.0058
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03598166
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    Keywords

    Symmetric Smooth; Consumption;

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