Arbitrage and equilibrium in economies with externalities
Le Van, Cuong, Page, Frank H. and Wooders, Myrna H. . (2001) Arbitrage and equilibrium in economies with externalities. Journal of Global Optimization, 20 (3-4). pp. 309-321. ISSN 0925-5001Full text not available from this repository.
Official URL: http://dx.doi.org/10.1023/A:1017922207495
We introduce consumption externalities into a general equilibrium model with arbitrary consumption sets. To treat the problem of existence of equilibrium, a condition of no unbounded arbitrage, extending the condition of Page (1987) and Page and Wooders (1993, 1996) is defined. It is proven that this condition is sufficient for the existence of an equilibrium and both necessary and sufficient for compactness of the set of rational allocations.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Q Science > QA Mathematics
|Divisions:||Faculty of Social Sciences > Economics|
|Journal or Publication Title:||Journal of Global Optimization|
|Publisher:||Springer New York LLC|
|Official Date:||August 2001|
|Number of Pages:||13|
|Page Range:||pp. 309-321|
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