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Efficiency And Core Properties Of Valuation Equilibrium With Increasing Returns

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Author Info
Antonio Villar Notario (Instituto Valenciano de Investigaciones Económicas)
Peter Hammond (Stanford University)

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Abstract

This paper considers market economies involving the choice of a public environment when there are nonconvexities in production. It discusses the decentralization of efficient allocations by means of valuation equilibrium, adapting to many private goods the notion due to Mas-Colell (1980) which extends the Lindahlian approach to the pure theory of public goods. It is shown that a valuation equilibrium satisfies the two welfare theorems and is in the core.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2001-24.pdf
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File Function: Fisrt version / Primera version, 2001
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-24.

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Length: 20 pages
Date of creation: Jul 2001
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2001-24

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Related research
Keywords: Valuation Equilibrium Increasing Returns to Scale Efficiency.

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References listed on IDEAS
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  1. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April. [Downloadable!] (restricted)
  2. Antonio Villar Notario & Peter Hammond, 1998. "- Valuation Equlibrium Revisited," Working Papers. Serie AD 1998-24, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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This page was last updated on 2008-8-10.

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