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Journal Articles Journal of Public Economic Theory Year : 1996

Symmetric Smooth Consumption Externalities

Hervé Crès
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Abstract

Based on Arrow's model of a pure exchange economy with smooth consumption externalities, this paper studies how the internalization of external effects through a network of markets between agents introduces symmetry breakings in the set of equilibria. It shows indeed how identical agents can be treated asymmetrically by complete markets.
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Dates and versions

hal-03598166 , version 1 (04-03-2022)

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Hervé Crès. Symmetric Smooth Consumption Externalities. Journal of Public Economic Theory, 1996, 69 (2), pp.334 - 366. ⟨10.1006/jeth.1996.0058⟩. ⟨hal-03598166⟩
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