This paper extends the notion of valuation equilibrium which applies to market economies involving choice of a public environment. Unlike some other recent work, it is assumed here that consumers and firms evaluate alternative environments taking market prices as given (hence this notion is closer to that of competitive equilibria). It is shown that valuation equilibria with balanced tax schemes yiels efficient allocations and that efficient allocations can be decentralized as valuation equilibria, with rax schemes that may be unbalanced.
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Paper provided by Valencia - Instituto de Investigaciones Economicas in its series Papers with number
98-24.
Find related papers by JEL classification: D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
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