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Externalities, internalization and fluctuations

Crès, H and Ghiglino, C and Tvede, M (1997) Externalities, internalization and fluctuations. [UNSPECIFIED]

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Abstract

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 though it restores optimality.

Item Type: UNSPECIFIED
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 16 Jul 2012 17:55
Last Modified: 01 May 2018 22:15
URI: http://repository.essex.ac.uk/id/eprint/3030

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