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Conjectural Variations and Voluntary Public Good Provision in a Repeated Game Setting

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  • Jun-ichi Itaya

    ()
    (Hokkaido University)

  • Makoto Okamura

    (Kobe City University of Foreign Studies)

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    Abstract

    The purpose of this paper is to show how conjectural variations can be derived as a reduced form in an infinitely repeated game of private provision of public goods. We obtain explicit closed forms of conjectural variations associated with maximal sustainable equilibria in which the sum of the utilities of all of a community's members is maximized for both quadratic and Cobb-Douglas preferences, provided that the resulting sequence of contributions can be sustained as a Nash (or subgame perfect) equilibrium in the underlying repeated game. We also show that positive conjectural variations will emerge as long as people place positive weight on the future, and that those conjectures are positively related to the discount factor. Copyright 2003 Blackwell Publishing, Inc..

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    Bibliographic Info

    Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

    Volume (Year): 5 (2003)
    Issue (Month): 1 (01)
    Pages: 51-66

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    Handle: RePEc:bla:jpbect:v:5:y:2003:i:1:p:51-66

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    Cited by:
    1. Sherrill Shaffer & Jason F. Shogren, 2008. "Related Contests: A General Parameterization," CAMA Working Papers 2008-27, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Paulo Brito & Bipasa Datta & Huw Dixon, 2012. "The evolution of the mixed conjectures in the rent-extraction game," Discussion Papers, Department of Economics, University of York 12/33, Department of Economics, University of York.
    3. Victor Tremblay, 2009. "Introduction: Economic Issues in Sports," Review of Industrial Organization, Springer, Springer, vol. 34(1), pages 1-4, February.

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