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Economies With Public Projects: Efficiency And Decentralization

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  • Maria Gabriella Graziano

Abstract

The article deals with the two fundamental theorems of welfare economics for production economies with a finite set of agents, infinitely many private goods, and a set of public projects. The problem of efficiency and decentralization is addressed under the following very general assumptions: (a) the commodity-price duality is endowed with a consistent locally convex topology; (b) the set of public projects is without any mathematical structure. Moreover, any agent is characterized by a nonordered preference relation depending on consumption goods and public projects. Approximate and exact welfare theorems are discussed throughout the article. Copyright 2007 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Suggested Citation

  • Maria Gabriella Graziano, 2007. "Economies With Public Projects: Efficiency And Decentralization," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(3), pages 1037-1063, August.
    • Handle: RePEc:ier:iecrev:v:48:y:2007:i:3:p:1037-1063
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    Cited by:

    1. Achille Basile & Robert P. Gilles & Maria Gabriella Graziano & Marialaura Pesce, 2021. "The Core of economies with collective goods and a social division of labour," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 1085-1119, April.
    2. Gilles, Robert P. & Pesce, Marialaura & Diamantaras, Dimitrios, 2020. "The provision of collective goods through a social division of labour," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 287-312.
    3. Bogdan Klishchuk, 2018. "Multiple markets: new perspective on nonlinear pricing," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(2), pages 525-545, August.
    4. Francesco Ruscitti, 2013. "Provision of a discrete public good with infinitely-many commodities," Economics Bulletin, AccessEcon, vol. 33(1), pages 28-34.
    5. Maria Graziano & Maria Romaniello, 2012. "Linear cost share equilibria and the veto power of the grand coalition," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 38(2), pages 269-303, February.
    6. Achille Basile & Maria Gabriella Graziano & Marialaura Pesce, 2016. "Oligopoly And Cost Sharing In Economies With Public Goods," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(2), pages 487-506, May.
    7. Maria Gabriella Graziano & Marialaura Pesce & Maria Romaniello, 2021. "Two characterizations of Cost Share Equilibria," CSEF Working Papers 628, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 24 May 2023.

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