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Share equilibrium in local public good economies

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  • van den Nouweland, Anne
  • Wooders, Myrna

Abstract

We define a concept of share equilibrium for local public good (or club) economies where individual members of the population may have preferences over the membership of their jurisdiction. A share equilibrium specifies one share index for each individual. These indices determine each individual’s cost shares in any jurisdiction that he might join. We demonstrate that the same axioms as those that characterize the Lindahl equilibrium, as discussed in Lindahl’s 1919 paper, also characterize the share equilibrium. Share equilibrium extends the notions of ratio equilibrium and cost share equilibrium (due to Kaneko, 1977; Mas-Colell and Silvestre, 1989) to economies with a local public good and possibly multiple jurisdictions.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 47 (2011)
Issue (Month): 3 ()
Pages: 376-381

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Handle: RePEc:eee:mateco:v:47:y:2011:i:3:p:376-381

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Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Share equilibrium; Ratio equilibrium; Axiomatization; Cost share equlilibrium; Local public good economy; Consistency; Club economy;

References

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  1. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1829, Harvard - Institute of Economic Research.
  2. Nouweland, C.G.A.M. van den & Tijs, S.H. & Wooders, M.H., 2002. "Axiomatizations of ratio equilibria in public good economies," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-91323, Tilburg University.
  3. van den Nouweland, A. & Peleg, B. & Tijs, S., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 25(3), pages 355-372.
  4. Reny, Philip J. & Holtz Wooders, Myrna, 1996. "The Partnered Core of a Game without Side Payments," Journal of Economic Theory, Elsevier, Elsevier, vol. 70(2), pages 298-311, August.
  5. Amrita Dhillon & Jean-Francois Mertens, 1999. "Relative Utilitarianism," Econometrica, Econometric Society, Econometric Society, vol. 67(3), pages 471-498, May.
  6. Mas-Colell, Andreu, 1980. "Efficiency and Decentralization in the Pure Theory of Public Goods," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 94(4), pages 625-41, June.
  7. Allouch, Nizar & Wooders, Myrna, 2008. "Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes," Journal of Economic Theory, Elsevier, Elsevier, vol. 140(1), pages 246-278, May.
  8. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, Elsevier, vol. 47(2), pages 239-256, April.
  9. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, Econometric Society, vol. 68(3), pages 643-684, May.
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