2017
DOI: 10.1007/s00199-016-1029-5
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On the regularity of smooth production economies with externalities: competitive equilibrium à la Nash

Abstract: We consider a general equilibrium model of a private ownership economy with consumption and production externalities. The choices of all agents (households and firms) may affect utility functions and production technologies. The allocation of a competitive equilibrium is a Nash equilibrium. We provide an example showing that, under standard assumptions, competitive equilibria are indeterminate in an open set of the household's endowments. We introduce the model with firms' endowments, in the spirit of Geanakop… Show more

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Cited by 3 publications
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