A Core-equilibrium Convergence in an Economy with Public Goods
AbstractThis paper deals with a core-equilibrium equivalence in an economy with public goods where preferences of consumers display warm glow effects. We demonstrate that provided that each consumer becomes satiated to other consumers provision, it holds that, for a sufficiently large economy, the set of Edgeworth allocations is non-empty. Moreover, we show that an Edgeworth allocation could be decentralized as a warm glow equilibrium.
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Bibliographic InfoPaper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 642.
Date of creation: Apr 2009
Date of revision:
Competitive equilibrium; Warm glow; Public goods; Edgeworth; Core; Decentralization;
Find related papers by JEL classification:
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
- NEP-GTH-2009-05-02 (Game Theory)
- NEP-PBE-2009-05-02 (Public Economics)
- NEP-PUB-2009-05-02 (Public Finance)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Andreoni, James, 1990. "Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving?," Economic Journal, Royal Economic Society, vol. 100(401), pages 464-77, June.
- MONIQUE FLORENZANO & ELENA L. del MERCATO, 2006.
"Edgeworth and Lindahl-Foley equilibria of a General Equilibrium Model with Private Provision of Pure Public Goods,"
Journal of Public Economic Theory,
Association for Public Economic Theory, vol. 8(5), pages 713-740, December.
- Monique Florenzano & Elena Laureana Del Mercato, 2004. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," Cahiers de la Maison des Sciences Economiques b04082, Université Panthéon-Sorbonne (Paris 1).
- Monique Florenzano & Elena L. Del Mercato, 2006. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00085726, HAL.
- Milleron, Jean-Claude, 1972. "Theory of value with public goods: A survey article," Journal of Economic Theory, Elsevier, vol. 5(3), pages 419-477, December.
- Nizar Allouch, 2009. "A Competitive Equilibrium for a Warm Glow Economy," Working Papers 641, Queen Mary, University of London, School of Economics and Finance.
- Conley John P., 1994. "Convergence Theorems on the Core of a Public Goods Economy: Sufficient Conditions," Journal of Economic Theory, Elsevier, vol. 62(1), pages 161-185, February.
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