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Externalities in Private Ownership Production Economies with Possibility Functions. An Existence Result

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Abstract

We consider a private ownership production economy with consumption and production externalities. Each household is characterized by a consumption set described by a possibility function, an endowment of commodities, and preferences described by a utility function. Each firm is owned by the household and it is characterized by technology desribed by a transformation function. Describing equlibria in terms of first order conditions and market clearing conditions, and using a homotopy approach, we prove the non-emptiness and compactness of the set of competitive equilibria with consumptions and prices strictly positive.

Suggested Citation

  • Vincenzo Platino, 2019. "Externalities in Private Ownership Production Economies with Possibility Functions. An Existence Result," CSEF Working Papers 549, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  • Handle: RePEc:sef:csefwp:549
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    File URL: http://www.csef.it/WP/wp549.pdf
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    Keywords

    Externalities; Private ownership economy; Competitive equilibrium; Homotopy approach.;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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