A Dynamic Conjectural Variations Model in the Private Provision of Public Goods: a Differential Game Approach
AbstractThe purpose of this paper is to provide reasonable microfoundation to justify the concept of a conjectural valuations equilibrium which is often used in the literature on the private provision of public goods by incorporating an explicit dynamic process of learning with the help of the differential game. By interpreting the steady state conjectures in such a dynamic provision game as the conjectural variations variations in the corresponding static game, we derive zero or nonzero conjectural variations as an outcome of a learning process. Furthermore, we find that there may be uncountable conjectural variations and the possibility of matching behavior (i.e., positive conjectures), when nonlinear feedback strategies are available and when the domain of a state variable is appropriately restricted.
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Bibliographic InfoPaper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 104.
Length: 33 pages
Date of creation: Sep 1999
Date of revision:
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Social welfare; International trade; Public goods;
Other versions of this item:
- Itaya, Jun-ichi & Shimomura, Koji, 2001. "A dynamic conjectural variations model in the private provision of public goods: a differential game approach," Journal of Public Economics, Elsevier, vol. 81(1), pages 153-172, July.
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- D62 - Microeconomics - - Welfare Economics - - - Externalities
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