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Existence of competitive equilibria with externalities : a differential viewpoint

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Author Info
Elena Laureana Del Mercato () (Universita degli Studi di Salerno et CERMSEM)

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Abstract

We consider a class of pure exchange economies with externalities. The consumption set and the preferences of each household depend on his initial endowment and on the actions of the other households. We give a definition of competitive equilibrium with externalities which includes as particular case the classical definition. Under differentiability and boundary conditions, we show that for all economies there exist competitive equilibria with strictly positive consumptions and prices. Our approach is based on homotopy arguments in differential topology, where it is possible describe equilibria in terms of first order conditions and market clearing conditions.

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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b04078.

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Length: 33 pages
Date of creation: Sep 2004
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Handle: RePEc:mse:wpsorb:b04078

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Related research
Keywords: Equilibre général; effets externes; équilibre concurrentiel; approche par homotopie.;

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D62 - Microeconomics - - Welfare Economics - - - Externalities

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References listed on IDEAS
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. 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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  2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May. [Downloadable!] (restricted)
  3. Monique Florenzano, 2008. "General equilibrium," Documents de travail du Centre d'Economie de la Sorbonne b08005, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne. [Downloadable!]
    Other versions:
  4. Bonnisseau, J.M., 1995. "Existence of Equilibria in Economies with Externalities and Non Convexities," Papiers d'Economie Mathématique et Applications 95.45, Université Panthéon-Sorbonne (Paris 1).
  5. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Some theorems on the existence of competitive equilibrium," Journal of Economic Theory, Elsevier, vol. 11(1), pages 83-93, August. [Downloadable!] (restricted)
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  6. Jean-Marc Bonnisseau & Jorge Rivera Cayupi, 2003. "The equilibrium manifold with boundary constraints on the consumption sets," Estudios de Economia, University of Chile, Department of Economics, vol. 30(2 Year 20), pages 225-240, December. [Downloadable!]
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  1. 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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