منابع مشابه
Equilibrium portfolios with consumption externalities
We examine the equilibrium consumption and portfolio strategies in an economy with consumption externalities. We consider a model where the von Neumann-Morgenstern utility is a function of one's own consumption and of the average consumption in the economy in the corresponding state or date. We show that, under some conditions on the degree of conformism in the economy, the optimal portfolio an...
متن کاملNetwork Topologies and Consumption Externalities
The economic implications of network topologies are studied via a monopolist’s model of market networks originally proposed by Phan, et al. (2003). By embedding the market into a larger collection of network topologies, in particular, a class of scale-free networks, we extend the early analysis built upon a class of ring networks. To facilitate the study of the impacts of network topologies upo...
متن کاملA testable model of consumption with externalities
This paper presents a nonparametric model of interdependent preferences, where an individual’s consumption may act as an externality on the preferences of other consumers. We assume that individual price consumption data is observed for all consumers. It is known that the general consumption model with externalities imposes few restrictions on the observed data, where the consistency requiremen...
متن کاملConsumption externalities , rental markets and purchase clubs
A premise of general equilibrium theory is that private goods are rival. Nevertheless, many private goods are shared, e.g., through borrowing, through coownership, or simply because one person’s consumption affects another person’s wellbeing. I analyze consumption externalities from the perspective of club theory, and argue that, provided consumption externalities are limited in scope, they can...
متن کاملEquilibrium portfolios with heterogeneous consumption externalities
The present paper extends the Arrow-Debreu portfolio model to consumption externalities. It is assumed that each investor has a von NeumannMorgenstern utility that is a function of her own consumption and of the average consumption in the group to which she belongs. Individual degrees of risk aversion and conformism are heterogeneous within each group and between the different groups in the eco...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2102505