Existence Of Equilibria For Economies With Externalities And A Measure Space Of Consumers
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.  and Khan and Vohra  (see also Balder  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 , in the case of fixed reference coalitions and Noguchi , for a more particular concept of reference coalitions.
|Date of creation:||Feb 2005|
|Date of revision:||Feb 2005|
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- SCHMEIDLER, David, .
"Competitive equilibria in markets with a continuum of traders and incomplete preferences,"
CORE Discussion Papers RP
62, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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