Externalities, Internalization and Fluctuations

Hervé Crès, Christian Ghiglino and Mich Tvede

International Economic Review, 1997, vol. 38, issue 2, 465-77

Abstract: In this paper, the authors introduce consumption externalities as developed by K. Arrow in overlapping-generations economies. They show how the internalization of externalities--through exchanges at markets for externalities--may give rise to new phenomena such as altered stability properties and fluctuations, even though it restores optimality. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1997
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