Arbitrage and Equilibrium in Economies with Externalities
نویسندگان
چکیده
We introduce consumption externalities into a general equilibriummodel with arbitrary consumption sets. To treat the problem of existence of equilibrium, a condition of no unbounded arbitrage, extending the condition of Page (1987) and Page and Wooders (1993,1996) is defined. It is proven that this condition is sufficient for the existence of an equilibrium and both necessary and sufficient for compactness of the set of rational allocations.
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عنوان ژورنال:
- J. Global Optimization
دوره 20 شماره
صفحات -
تاریخ انتشار 2001