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Symmetric Smooth Consumption Externalities

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.
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Submitted on : Friday, March 4, 2022 - 4:37:52 PM
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Hervé Crès. Symmetric Smooth Consumption Externalities. Journal of Public Economic Theory, Wiley, 1996, 69 (2), pp.334 - 366. ⟨10.1006/jeth.1996.0058⟩. ⟨hal-03598166⟩

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