Arbitrage and Equilibrium in Economies with Externalities

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

No 269359, Economic Research Papers from University of Warwick - Department of Economics

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

Keywords: Agricultural and Food Policy; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 17
Date: 2001-04-04
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Citations: View citations in EconPapers (9)

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Working Paper: Arbitrage and Equilibrium in Economies with Externalities (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:269359

DOI: 10.22004/ag.econ.269359

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