EXISTENCE OF EQUILIBRIA FOR ECONOMIES WITH EXTERNALITIES AND A MEASURE SPACE OF CONSUMERS

Bernard Cornet and Mihaela Topuzu
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Mihaela Topuzu: CERMSEM, Universite de Paris I

No 200505, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

Abstract: This paper considers an exchange economy with a measure space of agents and consumption externalities, which take into account two possible external eects in consumers¡¯ preferences: the dependence upon prices and other agents¡¯ consumptions, respectively, as in Greenberg et al. [12] and Khan and Vohra [15] (see also Balder [4] for a general discussion). This allows to cover a general model of reference coalitions externalities, in which the agents¡¯ preferences are influenced by the global (or the mean) consumption of the agents in the finitely many reference coalitions. Our paper provides a general existence theorem of equilibria that extends previous results by Schmeidler [21], in the case of fixed reference coalitions and Noguchi [17], for a more particular concept of reference coalitions.

Keywords: Externalities; Reference coalitions; Measure space of agents; Equilibrium. (search for similar items in EconPapers)
JEL-codes: D62 D51 H23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic and nep-pbe
Date: Written
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Related works:
Journal Article: Existence of equilibria for economies with externalities and a measure space of consumers (2005)
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