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

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Author Info
Wolfgang Buchholz () (Department of Economics, University Regensburg)
Wolfgang Peters () (European University Viadrina)

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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://economicsbulletin.vanderbilt.edu/2007/volume8/EB-07H40003A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 8 (2007)
Issue (Month): 6 ()
Pages: 1-4
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:8:y:2007:i:6:p:1-4

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
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Related research
Keywords: core; Edgeworth conjecture; Lindahl equilibrium; Public goods;

Find related papers by JEL classification:
H4 - Public Economics - - Publicly Provided Goods

References listed on IDEAS
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  1. 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. [Downloadable!] (restricted)
  2. Ellickson, Bryan, 1978. "Public goods and joint supply," Journal of Public Economics, Elsevier, vol. 9(3), pages 373-382, June. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  5. Moulin, Herve, 1987. "Egalitarian-Equivalent Cost Sharing of a Public Good," Econometrica, Econometric Society, vol. 55(4), pages 963-76, July. [Downloadable!] (restricted)
  6. Foley, Duncan K, 1970. "Lindahl's Solution and the Core of an Economy with Public Goods," Econometrica, Econometric Society, vol. 38(1), pages 66-72, January. [Downloadable!] (restricted)
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This page was last updated on 2009-12-12.

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