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In the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with...
Persistent link: https://www.econbiz.de/10005388139
We consider a general equilibrium model of a private ownership economy with consumption and production externalities. Utility functions and production technologies may be affected by the consumption and production activities of all other agents in the economy. We use differential techniques to...
Persistent link: https://www.econbiz.de/10011268204
We consider a general model of pure exchange economies with consumption externalities. Households may have different consumption sets and each consumption set is described by a function called possibility function. Utility and possibility functions depend on the consumptions of all households....
Persistent link: https://www.econbiz.de/10010738576
In this paper, we propose a definition of Edgeworth equilibrium for a private ownership production economy with (possibly infinitely) many private goods and a finite number of pure public goods. We show that Edgeworth equilibria exist whatever be the dimension of the private goods space, and can...
Persistent link: https://www.econbiz.de/10010750403
In pure exchange economies, a poor attention has been given to how the individual consumption possibilities of the members of a coalition should be represented. It seems economically reasonable that our knowledge and our possibility to make decisions depend on the coalition we belong to. We...
Persistent link: https://www.econbiz.de/10010750600
In the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with...
Persistent link: https://www.econbiz.de/10010750657
In the spirit of Smale's work, we consider a pure exchange economy with general consumption sets. We consider the case in which the consumption set of each household is described in terms of an inequality on a function called possibility function. The possibility function represents the...
Persistent link: https://www.econbiz.de/10010750871