Endowment-regarding preferences |
| |
Affiliation: | Université de Lyon, Université Lyon 1, Institut de Science Financière et d’Assurances, 50 Avenue Tony Garnier, F-69007 Lyon, France |
| |
Abstract: | We consider a general equilibrium model of pure exchange economies with endowment externalities. Consumers’ behaviors depend not only on their own consumption but also on the endowments of the other consumers. Applying the same method of analysis in Balasko (2015) about wealth concerns, we first show that almost all properties of equilibrium, including smooth equilibrium manifold and genericity of regular economies, can be directly extended to the economy where the demand function depends on the endowments of others and wealth of only one consumer. Next, we clarify the sufficient conditions under which those properties remain true in the economy with the most general form of endowment externalities. Finally, we generalize the above sufficient conditions to derive generic regularity results in the economy with both consumption and endowment externalities. |
| |
Keywords: | Endowment externalities Other-regarding preferences Regular economy General equilibrium |
本文献已被 ScienceDirect 等数据库收录! |
|