haku: @author Conley, J. P. / yhteensä: 2
viite: 2 / 2
« edellinen | seuraava »
| Tekijä: | Boyd, J. H. III Conley, J. P. |
| Otsikko: | Fundamental nonconvexities in arrovian markets and a coasian solution to the problem of externalities |
| Lehti: | Journal of Economic Theory
1997 : FEB, VOL. 72:2, p. 388-407 |
| Asiasana: | EXTERNALITIES MARKETS DECENTRALISATION |
| Kieli: | eng |
| Tiivistelmä: | The presence of extrernalities implies fundamental nonconvexities causing Arrow markets to fail. This paper argues that this failure is due to the structure of the Arrovian markets that Starret (1972) uses, not to the presence of externalities. An extension of a general equilibrium public goods model is provided in which property rights are treated explicitly. In this framework nonconvexities are not fundamental. A notion of Coasian equilibrium for the economy is defined, and frist and second welfare theorems are shown. |
« edellinen | seuraava »
SCIMA