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The Pure Theory of Public Goods: Efficiency, Dencentralization, and the Core

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  • Diamantaras, Dimitrios
  • Gilles, Robert P

Abstract

The authors extend the findings of Mas-Colell on valuation equilibria and the relationship of cost-share equilibria with the core. They allow for any finite number of private goods and a set of public projects without any structure. The authors show the two welfare theorems for valuation equilibrium, the inclusion of the set of cost-share equilibria in the core, and the nonequivalence of these two sets for an economy with a finite number of agents. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 37 (1996)
Issue (Month): 4 (November)
Pages: 851-60

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Handle: RePEc:ier:iecrev:v:37:y:1996:i:4:p:851-60

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  1. 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.
  2. 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.
  3. Roberts, Donald John, 1974. "A note on returns to group size and the core with public goods," Journal of Economic Theory, Elsevier, vol. 9(3), pages 350-356, November.
  4. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April.
  5. Mas-Colell, Andreu, 1980. "Efficiency and Decentralization in the Pure Theory of Public Goods," The Quarterly Journal of Economics, MIT Press, vol. 94(4), pages 625-41, June.
  6. Wooders, Myrna Holtz, 1989. "A Tiebout theorem," Mathematical Social Sciences, Elsevier, vol. 18(1), pages 33-55, August.
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