In absence of markets for externalities, the authors look for governances and conditions under which majority voting among shareholders is likely to give rise to efficient internalization. The central and natural role played by a governance of stakeholders is underlined and benchmarked.

In the present paper stationary pure-exchange overlapping generations economies with L goods per date and M consumers per generation are considered. It is shown that for an open and dense set of utility functions there exist endowment vectors such that N-cycles exist for N less than or equal to...

This paper considers the market for digital music. We claim that the combination of the MP3 format and peer-to-peer networks has made music non-excludable and this feature is essential for the understanding of the economics of the music market. We study optimal business models for selling...

Information goods are essentially public goods as soon as they are made available in digital form on the Internet. Therefore, firms (or providers) of informations goods are forced to consider alternative payment schemes to eliminate the free rider problem. The present paper introduces a...

In the present paper, an optimal growth model for which transformation possibilities are supposed to be bounded in the short run and unbounded in the long run - maybe due to adjustment costs or accummulation costs - is considered. It is shown that equilibria exist and that equilibrium...

In this paper, the authors introduce consumption externalities as developed by K. Arrow in overlapping-generations economies. They show how the internalization of externalities--through exchanges at markets for externalities--may give rise to new phenomena such as altered stability properties...

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