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- Publisher
- Springer Journals
- Copyright
- 1995 Japanese Economic Association
- ISSN
- 1352-4739
- eISSN
- 1468-5876
- DOI
- 10.1111/j.1468-5876.1995.tb00007.x
- Publisher site
- See Article on Publisher Site
Abstract
Abstract In continuum economies, widespread externalities are those over which each individual has negligible control. Nash-Walrasian equilibria with lump-sum transfers are defined, and their existence proved. They are then characterized by the property of “f-constrained Pareto efficiency” for finite coalitions. More general “private good” Nash-Walrasian equilibria are characterized as private-good constrained-Pareto efficient. Introducing complete Pigou taxes or subsidies leads to equilibria that are characterized by constrained efficiency and f-constrained efficiency for given levels of the widespread externalities. But full efficiency requires resolving the public-good problem of determining those aggregate externalities or, equivalently, of setting appropriate Pigou prices.
Journal
The Japanese Economic Review – Springer Journals
Published: Jun 1, 1995
Keywords: economics, general; microeconomics; macroeconomics/monetary economics//financial economics; econometrics; development economics; economic history