Externalities, Internalization and Fluctuations
引入阿罗的消费外部性到世代交叠经济中，证明通过外部性市场内部化虽恢复最优，却可能引发稳定性变化和波动。
In this paper, the authors introduce consumption externalities as developed by K. Arrow in overlapping-generations economies. They 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. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.