, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced …-jobbing. -- Coalition production economy ; transferable utility game ; core ; Walrasian equilibrium ; Walrasian equilibrium without double …

optimization in one market – often the labor market – suffices to internalize externalities, generating Pareto efficient equilibria …

Economic theory has generally akcnowledged the role that institutions have in shaping economic space. The distinction … for externalities" is misleading since it tends to imply that there is more to externality than simply the non … detrimental nature of externality. Indeed, Arrow markets will not in general eliminate externalities. In a similar vein it is not …

, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced …

policy reform is welfare improving or not. From the theory of optimal taxation in the presence of externalities, we know that … welfare effects of small policy changes in the presence of transport externalities. The model incorporates three types of … externalities: congestion, which has a feedback effect on the behaviour of the economic agents, air pollution and accidents. The …