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A dynamic conjectural variations model in the private provision of public goods: a differential game approach

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  • Itaya, Jun-ichi
  • Shimomura, Koji

Abstract

The purpose of this paper is to provide reasonable microfoundation to justify the concept of a conjectural valuations equilibrium which is often used in the literature on the private provision of public goods by incorporating an explicit dynamic process of learning with the help of the differential game. By interpreting the steady state conjectures in such a dynamic provision game as the conjectural variations variations in the corresponding static game, we derive zero or nonzero conjectural variations as an outcome of a learning process. Furthermore, we find that there may be uncountable conjectural variations and the possibility of matching behavior (i.e., positive conjectures), when nonlinear feedback strategies are available and when the domain of a state variable is appropriately restricted.

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Bibliographic Info

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

Volume (Year): 81 (2001)
Issue (Month): 1 (July)
Pages: 153-172

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Handle: RePEc:eee:pubeco:v:81:y:2001:i:1:p:153-172

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Web page: http://www.elsevier.com/locate/inca/505578

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References

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  1. Scafuri, Allen J., 1988. "On consistency of conjectures in the private provision of public goods," Journal of Public Economics, Elsevier, vol. 37(3), pages 395-398, December.
  2. Bergstrom, Theodore & Blume, Lawrence & Varian, Hal, 1986. "On the private provision of public goods," Journal of Public Economics, Elsevier, vol. 29(1), pages 25-49, February.
  3. Cornes, Richard & Sandler, Todd, 1985. "On the consistency of conjectures with public goods," Journal of Public Economics, Elsevier, vol. 27(1), pages 125-129, June.
  4. Fershtman, Chaim & Nitzan, Shmuel, 1991. "Dynamic voluntary provision of public goods," European Economic Review, Elsevier, vol. 35(5), pages 1057-1067, July.
  5. Itaya, Jun-ichi & Dasgupta, Dipankar, 1995. "Dynamics, Consistent Conjectures, and Heterogeneous Agents in the Private Provision of Public Goods," Public Finance = Finances publiques, , vol. 50(3), pages 371-89.
  6. Shimomura, Koji, 1991. "The feedback equilibria of a differential game of capitalism," Journal of Economic Dynamics and Control, Elsevier, vol. 15(2), pages 317-338, April.
  7. Costrell, Robert M., 1991. "Immiserizing growth with semi-public goods under consistent conjectures," Journal of Public Economics, Elsevier, vol. 45(3), pages 383-389, August.
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Cited by:
  1. FIGUIERES, Charles & TIDBALL, Mabel & JEAN-MARIE, Alain, 2001. "On the effects of conjectures in a symmetric strategic setting," CORE Discussion Papers 2001038, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Laura Marsiliani & Thomas I. Renstroem, 2010. "Privately provided public goods in a dynamic economy," Working Papers 2010_02, Durham University Business School.
  3. Katsuhiko Hori & Akihisa Shibata, 2008. "A Dynamic Game Model of Endogenous Growth with Consumption Externalities," Keio/Kyoto Joint Global COE Discussion Paper Series 2008-040, Keio/Kyoto Joint Global COE Program.
  4. Kenji Fujiwara, 2010. "Losses from competition in a dynamic game model of a renewable resource oligopoly," Discussion Paper Series 51, School of Economics, Kwansei Gakuin University, revised Apr 2010.
  5. Santiago J. Rubio, 2003. "On the Coincidence of the Feedback Nash and Stackelberg Equilibria in Economic Applications of Differential Games," Economic Working Papers at Centro de Estudios Andaluces E2003/40, Centro de Estudios Andaluces.
  6. Shaffer, Sherrill & Shogren, Jason F., 2009. "Repeated contests: A general parameterization," Economics Letters, Elsevier, vol. 105(2), pages 159-161, November.
  7. Rubio, Santiago J. & Casino, Begona, 2002. "A note on cooperative versus non-cooperative strategies in international pollution control," Resource and Energy Economics, Elsevier, vol. 24(3), pages 251-261, June.
  8. Ngo Van Long & Koji Shimomura, 2006. "Voluntary Contributions to a Public Good: Non-neutrality Results / Contributions volontaires, biens publics," CIRANO Working Papers 2006s-20, CIRANO.
  9. Eggert, Wolfgang & Itaya, Jun-ichi & Mino, Kazuo, 2011. "A dynamic model of conflict and appropriation," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 167-182, April.
  10. Fujiwara, Kenji, 2008. "Duopoly can be more anti-competitive than monopoly," Economics Letters, Elsevier, vol. 101(3), pages 217-219, December.
  11. Akihiko Yanase, 2006. "Dynamic Voluntary Provision of Public Goods and Optimal Steady-State Subsidies," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(1), pages 171-179, 01.
  12. Hassan Benchekroun & Ngo Van Long, 2006. "The Build-up of Cooperative Behavior among Non-cooperative Agents," CIRANO Working Papers 2006s-17, CIRANO.
  13. John Heywood & Guangliang Ye, 2010. "Optimal privatization in a mixed duopoly with consistent conjectures," Journal of Economics, Springer, vol. 101(3), pages 231-246, November.
  14. Charles Figuières, 2009. "Markov interactions in a class of dynamic games," Theory and Decision, Springer, vol. 66(1), pages 39-68, January.

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