The Pure Theory of Public Goods: Efficiency, Dencentralization, and the Core
AbstractThe 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 InfoArticle 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)
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Other versions of this item:
- Dimitrios Diamantaras & Robert P. Gilles, 1994. "The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core," Public Economics 9403001, EconWPA.
- D6 - Microeconomics - - Welfare Economics
- D7 - Microeconomics - - Analysis of Collective Decision-Making
- H - Public Economics
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wooders, Myrna Holtz, 1989. "A Tiebout theorem," Mathematical Social Sciences, Elsevier, vol. 18(1), pages 33-55, August.
- Vasilev, V. & Weber, S. & Wiesmeth, H., 1991.
"The Equivalence of Core and Lindahl Equilibria in an Economy with Semi- Public Goods,"
91-13, York (Canada) - Department of Economics.
- 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.
- 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.
- Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April.
- Donald John Roberts, 1974.
"A Note on Returns to Group Size and the Core with Public Goods,"
80, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- 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.
- 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.
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