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Household Decisions and Equilibrium Efficiency

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  • Haller, Hans

Abstract

A general equilibrium model is introduced where a household may consist of several members, each with individual preferences and/or resources. When households obey collective rationality, certain intrahousehold externalities can be fully internalized by the respective households so that competitive exchange among households is efficient. As a rule, however, such intrahousehold externalities are not fully internalized by individual household members acting in their personal interest so that competitive exchange among such individuals is only efficient in exceptional cases. Copyright 2000 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Haller, Hans, 2000. "Household Decisions and Equilibrium Efficiency," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(4), pages 835-847, November.
  • Handle: RePEc:ier:iecrev:v:41:y:2000:i:4:p:835-47
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    Citations

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    Cited by:

    1. Kaushik Basu, 2006. "Gender and Say: a Model of Household Behaviour with Endogenously Determined Balance of Power," Economic Journal, Royal Economic Society, vol. 116(511), pages 558-580, April.
    2. Carr, Edward R., 2008. "Men's Crops and Women's Crops: The Importance of Gender to the Understanding of Agricultural and Development Outcomes in Ghana's Central Region," World Development, Elsevier, vol. 36(5), pages 900-915, May.
    3. Gersbach, Hans & Haller, Hans, 2010. "Club theory and household formation," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 715-724, September.
    4. Hans Gersbach & Hans Haller, 2012. "“Hard workers” and labor restrictions," Journal of Population Economics, Springer;European Society for Population Economics, vol. 25(2), pages 469-494, January.
    5. Gersbach, Hans & Haller, Hans, 2006. "Clubs and Households," CEPR Discussion Papers 5687, C.E.P.R. Discussion Papers.
    6. Hans Gersbach & Hans Haller, 2009. "Bargaining power and equilibrium consumption," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 33(4), pages 665-690, November.
    7. Hans Gersbach & Hans Haller, 2002. "Competitive Markets, Collective Decisions and Group Formation," Discussion Papers 02-11, University of Copenhagen. Department of Economics.
    8. Hans Gersbach & Hans Haller, 2014. "Households, Markets and Public Choice," CESifo Working Paper Series 4947, CESifo Group Munich.
    9. Gersbach, Hans & Haller, Hans, 2011. "Groups, collective decisions and markets," Journal of Economic Theory, Elsevier, vol. 146(1), pages 275-299, January.
    10. Gersbach, Hans & Haller, Hans, 2005. "Beware of Workaholics: Household Preferences and Individual Equilibrium Utility," IZA Discussion Papers 1502, Institute for the Study of Labor (IZA).
    11. Hans Gersbach & Hans Haller, 2009. "The affectionate society: does competition for partners promote friendliness?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(3), pages 389-403, September.
    12. Hans Gersbach & Hans Haller, 2008. "Exit and Power in General Equilibrium," CESifo Working Paper Series 2369, CESifo Group Munich.

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