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An economic approach to social choice — II

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  • Theodore Bergstrom
  • Trout Rader

Abstract

There is a formal equivalence between games, societies, and economies. Lindahl equilibrium for a game or society corresponds to competitive equilibrium for the equivalent economy. Results on existence and optimality of competitive equilibrium thus apply to the theory of games and societies. The “core” for a game or society as derived by extension from the core of an economy is “too large” to be interesting. An example illustrates that the α-core may be disjoint from the set of Lindahl equilibria. However, if the power of coalitions to inflict negative externalities is suitably restricted, Lindahl equilibria must be in the α-core. Copyright Martinus Nijhoff Social Sciences Division 1978

Suggested Citation

  • Theodore Bergstrom & Trout Rader, 1978. "An economic approach to social choice — II," Public Choice, Springer, vol. 33(2), pages 17-31, September.
    • Handle: RePEc:kap:pubcho:v:33:y:1978:i:2:p:17-31
    DOI: 10.1007/BF00118355
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    References listed on IDEAS

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    1. Theodore C. Bergstrom, 1975. "The Core when Strategies are Restricted by Law," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 249-257.
    2. Rader, Trout, 1972. "Theory of General Economic Equilibrium," Elsevier Monographs, Elsevier, edition 1, number 9780125750400.
    3. Trout Rader, 1973. "An economic approach to social choice," Public Choice, Springer, vol. 15(1), pages 49-75, June.
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