A Core Equilibrium Convergence in a Public Goods Economy
AbstractThis paper shows a core-equilibrium convergence in a public goods economy where consumers' preferences display warm glow effects. We demonstrate that if each consumer becomes satiated to other consumers' provision, then as the economy grows large the core shrinks to the set of Edgeworth allocations. Moreover, we show that an Edgeworth allocation can be decentralized as a warm glow equilibrium.
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Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 1022.
Date of creation: 30 Apr 2010
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Web page: http://www.econ.cam.ac.uk/index.htm
competitive equilibrium; warm glow; public goods; Edgeworth; core; decentralization;
Other versions of this item:
- Nizar Allouch, 2010. "A Core-Equilibrium Convergence in a Public Goods Economy," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 12(4), pages 857-870, 08.
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-GTH-2010-05-02 (Game Theory)
- NEP-PBE-2010-05-02 (Public Economics)
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- Nizar Allouch, 2013. "A competitive equilibrium for a warm-glow economy," Economic Theory, Springer, vol. 53(1), pages 269-282, May.
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