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Arbitrage and equilibrium in economies with externalities

By Van Cuong Le, Frank H. Page and Myrna Holtz Wooders

Abstract

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

Topics: HB, QA
Publisher: University of Warwick, Department of Economics
Year: 2001
OAI identifier: oai:wrap.warwick.ac.uk:1590

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Citations

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