- Valuation Equlibrium Revisited
AbstractThis paper extends the notion of valuation equilibrium which applies to market economies involving the 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 schemas yield eficient allocations and that eficient allocations can be decentralized as valuation equilibria, with tax schemas that may be unbalanced.
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Bibliographic InfoPaper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1998-24.
Length: 17 pages
Date of creation: Oct 1998
Date of revision:
Publication status: Published by Ivie
valuation equilibrium; non-convexities; public goods;
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