We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations. Most of the specific market imperfections considered in the related literature are particular cases of our framework. Comparing them we obtain several equivalence results in terms...

We consider a second price auction between bidders with independently and identically distributed valuations, where a losing bidder suffers a negative direct externality. Considering ex-ante commitments to form bidding rings we study the question of core stability of the grand coalition, namely:...

The purpose of this article is to analyze a class of voting games in which externalities are present. We consider a society in which coalitions can be formed and where a finite number of voters have to choose among a set of alternatives. A coalition is winning if it can veto any proposed...

There is evidence that competing firms delegate R&D to the same independent profit-maximizing laboratory. We draw on this stylized fact to construct a model where two firms in the same industry offer transfer payments in exchange of user-specific R&D services from a common laboratory. Inter-firm...

We present a survey of the main conditions for the occurrence of indeterminacy in discrete-time infinite-horizon models with technological external effects.One-sector models are characterized by global external effects coupled with increasing social returns. We will show that indeterminacy of...

We consider a model of socially interacting individuals that make a binary choice in a context of positive additive endogenous externalities. It encompasses as particular cases several models from the sociology and economics literature. We extend previous results to the case of a general...

The point of departure of this work is the lack of coordination of European environmental internalizing policies. At the national level, while the water authority generally has to internalize the negative externalities of water extraction, the agricultural one aims at encouraging environmentally...

This paper introduces general formulations for both technology (with input substitution) and non-separable utility (compatible with balanced growth and stationary worked hours) into a benchmark RBC model. It is shown that intertemporal substitution and input substitutability lead to local...

We study a first price auction preceded by a negotiation stage, during which bidders may form a bidding ring. We prove that in the absence of external effects the all-inclusive ring forms in equilibrium, allowing ring members to gain the auctioned object for a minimal price. However, identity...