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- Valuation Equlibrium Revisited

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Author Info

  • Antonio Villar Notario

    (Instituto Valenciano de Investigaciones Económicas)

  • Peter Hammond

    (Stanford University)

Abstract

This 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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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1998-24.pdf
File Function: Fisrt version / Primera version, 1998
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1998-24.

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Length: 17 pages
Date of creation: Oct 1998
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1998-24

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Related research

Keywords: valuation equilibrium; non-convexities; public goods;

References

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  1. Vega-Redondo, Fernando, 1987. "Efficiency and nonlinear pricing in nonconvex environments with externalities: A generalization of the Lindahl equilibrium concept," Journal of Economic Theory, Elsevier, vol. 41(1), pages 54-67, February.
  2. Dimitrios Diamantaras & Robert P. Gilles, 1994. "The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core," Public Economics 9403001, EconWPA.
  3. Diamantaras Dimitrios & Wilkie Simon, 1994. "A Generalization of Kaneko's Ratio Equilibrium for Economies with Private and Public Goods," Journal of Economic Theory, Elsevier, vol. 62(2), pages 499-512, April.
  4. Dreze, Jacques H & Hagen, Kare P, 1978. "Choice of Product Quality: Equilibrium and Efficiency," Econometrica, Econometric Society, vol. 46(3), pages 493-513, May.
  5. Bergstrom, Theodore C., 1970. "A "Scandinavian consensus" solution for efficient income distribution among nonmalevolent consumers," Journal of Economic Theory, Elsevier, vol. 2(4), pages 383-398, December.
  6. Antonio Villar, 2007. "Competitive Pricing," Working Papers 07.08, Universidad Pablo de Olavide, Department of Economics.
  7. Peter J. Hammond & Antonio Villar, . "Efficiency with Non-Convexities: Extending the "Scandinavian Consensus" Approaches," Working Papers 97036, Stanford University, Department of Economics.
  8. Mas-Colell, Andreu, 1980. "Efficiency and Decentralization in the Pure Theory of Public Goods," The Quarterly Journal of Economics, MIT Press, vol. 94(4), pages 625-41, June.
  9. Debreu,Gerard Introduction by-Name:Hildenbrand,Werner, 1986. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521335614, October.
  10. Kaneko, Mamoru, 1977. "The ratio equilibrium and a voting game in a public goods economy," Journal of Economic Theory, Elsevier, vol. 16(2), pages 123-136, December.
  11. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April.
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Citations

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Cited by:
  1. Antonio Villar Notario, 2000. "On The Efficiency Of Market Equilibrium In Production Economies," Working Papers. Serie AD 2000-17, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Maria Graziano & Maria Romaniello, 2012. "Linear cost share equilibria and the veto power of the grand coalition," Social Choice and Welfare, Springer, vol. 38(2), pages 269-303, February.
  3. Antonio Villar Notario & Peter Hammond, 2001. "Efficiency And Core Properties Of Valuation Equilibrium With Increasing Returns," Working Papers. Serie AD 2001-24, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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