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Article dans une revue Journal of Economic Theory Année : 2023

Existence of an equilibrium in arrowian markets for consumption externalities

Résumé

We study the existence of quasi-equilibria and equilibria for pure exchange economies with consumption externalities and Arrowian markets with personalized Lindahl prices. We provide examples showing first that quasi-equilibria and equilibria of the externality economy fail to exist under assumptions guaranteeing existence for economies without externalities. We show that the externality economy has identical equilibrium allocations of an appropriately defined constant returns to scale production economy without externalities. We exploit this equivalence to map sufficient conditions for the existence of quasi-equilibria and equilibria of the production economy into sufficient conditions of the pure exchange economy with externalities, thereby unveiling suitable irreducibility conditions and survival conditions.
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Dates et versions

halshs-04205853, version 1 (13-09-2023)

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Jean-Marc Bonnisseau, Elena del Mercato, Paolo Siconolfi. Existence of an equilibrium in arrowian markets for consumption externalities. Journal of Economic Theory, 2023, 209, pp.105638. ⟨10.1016/j.jet.2023.105638⟩. ⟨halshs-04205853⟩
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