Externalities, internalization and fluctuations

Hervé Crès (), Christian Ghiglino and Mich Tvede

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Abstract: In this paper we introduce consumption externalities as developed by Arrow in overlapping-generations economies. We 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.

Date: 1997-05
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Published in International Economic Review, 1997, 38 (2), pp.465 - 477

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03417501

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