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 - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper considers an exchange economy with a measure space of agents and consumption externalities, which take into account two possible external effects on consumersrsquo preferences: dependence upon prices and dependence upon other agentsrsquo consumption. We first consider a model with a general externality mapping and we then treat the particular case of reference coalition externalities, in which the preferences of each agent a are influenced by prices and by the global or the mean consumption of the agents in finitely many (exogenously given) reference coalitions associated with agent a. Our paper provides existence results of equilibria in both models when consumers have transitive preferences. It extends in exchange economies the standard results by Aumann [2], Schmeidler [16], Hildenbrand [12], and previous results by Greenberg et al. [11] for price dependent preferences, Schmeidler [17] for fixed reference coalitions and Noguchi [15] for a more particular concept of reference coalitions. We also mention related results obtained independently by Balder [4].

Keywords: Equilibrium; Externalities; Reference coalitions; Measure space of agents; Equilibrium. (search for similar items in EconPapers)
Date: 2005-08
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Citations: View citations in EconPapers (13)

Published in Economic Theory, 2005, 26 (2), pp.397-421. ⟨10.1007/s00199-004-0576-3⟩

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Related works:
Journal Article: Existence of equilibria for economies with externalities and a measure space of consumers (2005)
Working Paper: Existence of equilibria for economies with externalities and a measure space of consumers (2005)
Working Paper: EXISTENCE OF EQUILIBRIA FOR ECONOMIES WITH EXTERNALITIES AND A MEASURE SPACE OF CONSUMERS (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-00287686

DOI: 10.1007/s00199-004-0576-3

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