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Endowments-regarding preferences

Abstract : We consider a pure exchange economy model with endowments-regarding regarding preferences, which means that demand functions and preferences depend not only on the own consumption of a consumer but also on other consumer's endowments. First, we study the particular case called wealth concern by Balasko (2015) when the consumers care about the wealth of the others. We generalise the result of Balasko by showing that most properties of the standard general equilibrium model without externalities are robust with respect to these kind of externalities if the external effect produced by only one agent is a wealth effect and not all. Next, we clarify under which sufficient conditions those properties hold true under the most general form of endowments externalities. Furthermore, we generalise the above sufficient condition to obtain generic regularity results in the economies with consumption and endowments externalities.
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https://halshs.archives-ouvertes.fr/halshs-02966848
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Submitted on : Wednesday, October 14, 2020 - 2:40:18 PM
Last modification on : Tuesday, January 19, 2021 - 11:08:31 AM

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Van Nguyen. Endowments-regarding preferences. 2020. ⟨halshs-02966848⟩

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