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Anonymous Price Taking Equilibrium in Tiebout Economies with Unbounded Club Sizes

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  • Nizar Allouch

    () (Queen Mary, University of London)

  • John P. Conley

    () (University of Vanderbilt)

  • Myrna Wooders

    () (University of Warwick)

Abstract

We introduce a model of a local public goods economy with a continuum of agents and jurisdictions with finite, but unbounded populations. Under boundedness of per capita payoffs we demonstrate nonemptiness of the core of the economy. We then demonstrate that the equal treatment core coincides with the set of price-taking equilibrium outcomes with anonymous prices - that is, prices for public goods depend only on observable characteristics of agents. Existence of equilibrium follows from nonemptiness of the core and equivalence of the core to the set of equilibrium outcomes. Our approach provides a new technique for showing existence of equilibrium in economies with a continuum of agents.

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Bibliographic Info

Paper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 556.

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Date of creation: Mar 2006
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Handle: RePEc:qmw:qmwecw:wp556

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Related research

Keywords: Tiebout; Clubs; Jurisdictions; F-core; Core-equilibrium equivalence; Edgeworth equivalence; Continuum economies with clubs; Crowding types; Core; Equal treatment core;

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  1. Patrick Legros & Andrew Newman, 1996. "Wealth effects, distribution, and the theory of organization," ULB Institutional Repository 2013/7036, ULB -- Universite Libre de Bruxelles.
  2. Nizar Allouch & Myrna Wooders, 2004. "Price taking equilibrium in club economies with multiple memberships and unbounded club sizes," Cahiers de la Maison des Sciences Economiques b04109, Université Panthéon-Sorbonne (Paris 1).
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