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Existence Of Equilibria For Economies With Externalities And A Measure Space Of Consumers

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Author Info
Bernard Cornet (Department of Economics, The University of Kansas)
Mihaela Topuzu (CERMSEM, Universite de Paris I)

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Abstract

This paper considers an exchange economy with a measure space of agents and consumption externalities, which take into account two possible external e ects in consumers¡¯ preferences: the dependence upon prices and other agents¡¯ consumptions, respectively, as in Greenberg et al. [12] and Khan and Vohra [15] (see also Balder [4] for a general discussion). This allows to cover a general model of reference coalitions externalities, in which the agents¡¯ preferences are influenced by the global (or the mean) consumption of the agents in the finitely many reference coalitions. Our paper provides a general existence theorem of equilibria that extends previous results by Schmeidler [21], in the case of fixed reference coalitions and Noguchi [17], for a more particular concept of reference coalitions.

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Paper provided by University of Kansas, Department of Economics in its series WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS with number 200505.

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Length: 24 pages
Date of creation: Feb 2005
Date of revision: Feb 2005
Handle: RePEc:kan:wpaper:200505

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Related research
Keywords: Externalities; Reference coalitions; Measure space of agents; Equilibrium.;

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Find related papers by JEL classification:
D62 - Microeconomics - - Welfare Economics - - - Externalities
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Schmeidler, David, 1969. "Competitive Equilibria in Markets with a Continuum of Traders and Incomplete Preferences," Econometrica, Econometric Society, vol. 37(4), pages 578-85, October. [Downloadable!] (restricted)
  2. Balder, Erik J., 2000. "Incompatibility of Usual Conditions for Equilibrium Existence in Continuum Economies without Ordered Preferences," Journal of Economic Theory, Elsevier, vol. 93(1), pages 110-117, July. [Downloadable!] (restricted)
  3. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December. [Downloadable!] (restricted)
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  4. Greenberg, Joseph & Shitovitz, Benyamin & Wieczorek, Andrzej, 1979. "Existence of equilibria in atomless production economies with price dependent preferences," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 31-41, March. [Downloadable!] (restricted)
  5. Khan, M. Ali & Vohra, Rajiv, 1984. "Equilibrium in abstract economies without ordered preferences and with a measure space of agents," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 133-142, October. [Downloadable!] (restricted)
  6. Hildenbrand, Werner, 1970. "Existence of Equilibria for Economies with Production and a Measure Space of Consumers," Econometrica, Econometric Society, vol. 38(5), pages 608-23, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nicholas Yannelis, 2009. "Debreu’s social equilibrium theorem with asymmetric information and a continuum of agents," Economic Theory, Springer, vol. 38(2), pages 419-432, February. [Downloadable!] (restricted)
  2. Khan, M. Ali Khan, 2007. "Perfect Competition," MPRA Paper 2202, University Library of Munich, Germany. [Downloadable!]
  3. Jean-Marc Bonnisseau & Elena L. del Mercato, 2008. "Externalities, Consumption Constraints and Regular Economies," CSEF Working Papers 195, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
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