The Edgeworth Conjecture in a Public Goods Economy: An Elementary Example
AbstractWe show by a simple example that in a public goods economy consisting of identical individuals with symmetric Cobb-Douglas preferences the core of the economy does not con-verge to the Lindahl solution when the number of agents goes to infinity. This confirms in an elementary way that the Edgeworth conjecture does not necessarily hold in an economy with a public good.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 8 (2007)
Issue (Month): 6 ()
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Find related papers by JEL classification:
- H4 - Public Economics - - Publicly Provided Goods
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- Vasilev, V. & Weber, S. & Wiesmeth, H., 1991.
"The Equivalence of Core and Lindahl Equilibria in an Economy with Semi- Public Goods,"
91-13, York (Canada) - Department of Economics.
- Valery Vasil'ev & Shlomo Weber & Hans Wiesmeth, 1991. "The Equivalence of Core and Lindahl Equilibria in an Economy with Semi-Public Goods," Discussion Paper Serie B 200, University of Bonn, Germany.
- Conley John P., 1994. "Convergence Theorems on the Core of a Public Goods Economy: Sufficient Conditions," Journal of Economic Theory, Elsevier, vol. 62(1), pages 161-185, February.
- Moulin, Herve, 1987. "Egalitarian-Equivalent Cost Sharing of a Public Good," Econometrica, Econometric Society, vol. 55(4), pages 963-76, July.
- Milleron, Jean-Claude, 1972. "Theory of value with public goods: A survey article," Journal of Economic Theory, Elsevier, vol. 5(3), pages 419-477, December.
- Weber, Shlomo & Wiesmeth, Hans, 1991. "The equivalence of core and cost share equilibria in an economy with a public good," Journal of Economic Theory, Elsevier, vol. 54(1), pages 180-197, June.
- Ellickson, Bryan, 1978. "Public goods and joint supply," Journal of Public Economics, Elsevier, vol. 9(3), pages 373-382, June.
- Marakulin, V.M., 2013. "On the Edgeworth conjecture for production economies with public goods: A contract-based approach," Journal of Mathematical Economics, Elsevier, vol. 49(3), pages 189-200.
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