Abstract
The purpose of this paper is to point out a relationship between theorems on the existence of competitive equilibrium in economies with externalities, and recent results (pioneered by A. Mas-Colell) on the existence of equilibrium for economies in which consumer preferences are neither complete nor transitive. This observation leads both to a substantial strengthening of the theorem on the existence of equilibrium with externalities, and at the same time to a revealing perspective on the Mas-Colell theorem.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
