Externalities, Internalization and Fluctuations

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

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Veröffentlicht in:	International economic review (Philadelphia) 1997-05, Vol.38 (2), p.465-477
Hauptverfasser:	Crès, Hervé, Ghiglino, Christian, Tvede, Mich
Format:	Artikel
Sprache:	eng
Schlagworte:	Budget constraints Business cycles Competition Consumer economics Consumer equilibrium Consumers Consumption Consumption function Economic externalities Economic fluctuations Economic models Economic theory Economics and Finance Endowment Equilibrium External economies Externalities Externality Humanities and Social Sciences Steady state economies Studies Utility functions Welfare economics
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