Symmetric Smooth Consumption Externalities
Résumé
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.
Domaines
Economies et finances
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1996-cres-symmetric-smooth-consumption-externalities.pdf (553.17 Ko)
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