Arbitrage and equilibrium in economies with externalities
Le, Van Cuong, Page, Frank H. and Wooders, Myrna Holtz (2001) Arbitrage and equilibrium in economies with externalities. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.588).
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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:||Working or Discussion Paper (Working Paper)|
|Subjects:||H Social Sciences > HB Economic Theory
Q Science > QA Mathematics
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Arbitrage, Equilibrium (Economics), Externalities (Economics), Recessions|
|Series Name:||Warwick economic research papers|
|Publisher:||University of Warwick, Department of Economics|
|Place of Publication:||Coventry|
|Official Date:||April 2001|
|Number of Pages:||17|
|Institution:||University of Warwick|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Original version, June 2000; current version, April, 2001
|Funder:||Social Sciences and Humanities Research Council of Canada (SSHRC), Universitats of Catalonia (UCat)|
|Adapted As:||Le, V.C., Page, F.H. and Wooders, M.H. (2001). Arbitrage and equilibrium in economies with externalities. Journal of Global Optimization, 20(3-4), pp. 309-321.|
 Allouch, N. (1999) “Equilibrium and No Market Arbitrage,” Working Paper, CERMSEM, Universite de Paris I.
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