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Symmetric Smooth Consumption Externalities

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  • Hervé Crès

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Based on Arrow's model of a pure exchange economy with smooth consumption externalities, this paper studies how the internalization of external effects through a network of markets between agents introduces symmetry breakings in the set of equilibria. It shows indeed how identical agents can be treated asymmetrically by complete markets.

Suggested Citation

  • Hervé Crès, 1996. "Symmetric Smooth Consumption Externalities," Post-Print hal-03598166, HAL.
    • Handle: RePEc:hal:journl:hal-03598166
    DOI: 10.1006/jeth.1996.0058
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03598166
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    References listed on IDEAS

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    Cited by:

    1. Jean-Marc Bonnisseau & Elena Mercato, 2010. "Externalities, consumption constraints and regular economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 44(1), pages 123-147, July.
    2. John P. Conley & Stefani C. Smith, 2004. "Existence and Efficiency of a Price-Taking Equilibrium in an Economy with Public Goods, Externalities and Property Rights: A Coasian Approach," Vanderbilt University Department of Economics Working Papers 0403, Vanderbilt University Department of Economics, revised Jan 2004.
    3. Conley, John P. & Smith, Stefani C., 2005. "Coasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 41(6), pages 687-704, September.

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    Keywords

    Symmetric Smooth; Consumption;

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