Fundamental nonconvexities in Arrovian markets and a Coasian solution to the problem of externalities
成果类型：
Article
署名作者：
Boyd, JH; Conley, JP
署名单位：
University of Illinois System; University of Illinois Urbana-Champaign
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2230
发表日期：
1997
页码：
388-407
关键词：
摘要：
D. Starrett [J. Econ. Theory 4(1972), 180-199] argues that the presence of externalities implies Fundamental nonconvexities which cause Arrow markets to fail. While this is true, we argue this failure is due to the structure of the Arrovian markets that Starrett uses, and not to the presence of externalities as such. We provide an extension of a general equilibrium public goods model in which properly rights are explicitly treated. Nonconvexities are not fundamental in this framework. We define a notion of Coasian equilibrium for this economy, and show first and second welfare theorems. In this context, the first welfare theorem is a type of Cease theorem. (C) 1997 Academic Press.
来源URL：