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Existence of competitive equilibria with externalities: A differential viewpoint

Listed author(s):
  • del Mercato, Elena L.

We consider a class of pure exchange economies with externalities. Each consumption set is described by a function called possibility function which depends on the individual initial endowment. Moreover, each possibility function, as well as each utility function, depends on the consumptions of all households. Our definition of competitive equilibrium with externalities includes as a particular case the classical definition. Using homotopy arguments, under differentiability and boundary conditions, we show that for all economies the set of equilibria is non-empty and compact. This work is the first step to encompass externalities in the global analysis of equilibria.

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File URL: http://www.sciencedirect.com/science/article/pii/S0304-4068(06)00050-4
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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 42 (2006)
Issue (Month): 4-5 (August)
Pages: 525-543

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Handle: RePEc:eee:mateco:v:42:y:2006:i:4-5:p:525-543
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
  2. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December.
  3. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
  4. Monique Florenzano, 2007. "General equilibrium," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00250167, HAL.
  5. del Mercato, Elena L., 2006. "Existence of competitive equilibria with externalities: A differential viewpoint," Journal of Mathematical Economics, Elsevier, vol. 42(4-5), pages 525-543, August.
  6. Smale, S., 1974. "Global analysis and economics IIA : Extension of a theorem of Debreu," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 1-14, March.
  7. 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).
  8. 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.
  9. 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.
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