Symmetric smooth consumption externalities
成果类型：
Article
署名作者：
Cres, H
署名单位：
University of Pennsylvania
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0058
发表日期：
1996
页码：
334-366
关键词：
摘要：
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. ir shows indeed how identical agents can be treated asymmetrically by complete markets, This work emphasizes that equilibrium allocations may be very sensitive to the way Coase-type rights are distributed. (C) 1996 Academic Press, Inc.