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Competitive markets with externalities.doc

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Competitive markets with externalities

Theoretical Economics 1 (2006),143–166 1555-7561Competitivemarketswithexternalities MITSUNORI NOGUCHI Department ofEconomics, MeijoUniversity WILLIAM R.ZAME Department ofEconomics, UniversityofCalifornia, LosAngeles Thispaperpresentsageneralmodelofacompetitive marketwithconsumption externalities,andestablishestheexistenceofequilibriuminthemodel,underas- sumptionscomparabletothoseinclassicalmodels.Themodelallowsproduction andindivisible goods. Examples illustratethegenerality andapplicability ofthe results. KEYWORDS.Competitiveequilibrium,externalities,distributionaleconomies. JELCLASSIFICATION .D5. 1. INTRODUCTION Theclassicalmodelofcompetitivemarketsassumesthatagentscareonlyabouttheir ownconsumption. However,theconsumptionofothersmaymattertome,becauseI amaltruisticorspiteful,becauseIamaslavetofashionoraradicalnon-conformist— orbecausetheconsumptionofothersimpingesonmyown:myneighbors’useofcoal toheattheirhousespollutestheairIbreathe;theiruseofhouseholdsecurityservices makesminesafer.Forenvironmentswitha?nitenumberofagents,ithasbeenknown foralongtimethatconsumptionexternalities canbeaccommodatedinaconsistent marketmodel. (SeeShaferandSonnenschein1975forthe?rstproofandLaffont1977 fordiscussionandapplications.)Howeversuchmodelsarenotentirelysatisfactorybe- causetheyrequireindividualpreferencestobeconvexandexcludeindivisiblegoods. (AsStarrett1972argues,requiringindividualpreferencestobeconvexisespeciallyprob- lematicalinthepresenceofconsumptionexternalities.) Moreover,theprice-takingas- sumptionsinherentinthenotionofcompetitiveequilibriumareincompatiblewiththe Mitsunori Noguchi:noguchi@ccmfs.meijo-u.ac.jp WilliamR.Zame:zame@ Earlier versions circulated underthetitle“Equilibrium Distributions withExternalities.” WethankRobert Anderson forseveralenlightening conversations, andtheCo-Editor EdGreenandseveralanonymous ref- erees for very useful suggestions. Zame gratefully acknowledges ?nancial support from the John Simon Guggenheim Foundation, theNat