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The Edgeworth Conjecture in a Public Goods Economy: An Elementary Example

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  • Wolfgang Buchholz

    ()
    (Department of Economics, University Regensburg)

  • Wolfgang Peters

    ()
    (European University Viadrina)

Abstract

We 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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File URL: http://www.accessecon.com/pubs/EB/2007/Volume8/EB-07H40003A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 8 (2007)
Issue (Month): 6 ()
Pages: 1-4

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Handle: RePEc:ebl:ecbull:eb-07h40003

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Keywords: core;

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References

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  1. Moulin, Herve, 1987. "Egalitarian-Equivalent Cost Sharing of a Public Good," Econometrica, Econometric Society, vol. 55(4), pages 963-76, July.
  2. 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.
  3. D. K. Foley, 1967. "Lindahl's Solution and the Core of an Economy with Public Goods," Working papers 3, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. 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.
  5. Ellickson, Bryan, 1978. "Public goods and joint supply," Journal of Public Economics, Elsevier, vol. 9(3), pages 373-382, June.
  6. 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.
  7. 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.
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Cited by:
  1. 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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