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The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core

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  • Dimitrios Diamantaras

    (Temple University, Philadelphia PA)

  • Robert P. Gilles

    (Virginia Polytechnic Institute and State University, Blacksburg, VA)

Abstract

We extend the results of Mas-Colell (1980) and Weber and Wiesmeth (1991) on valuation equilibria and the relationship of cost share equilibria with the core. We allow for any finite number of private goods and a set of public projects without any structure. We show the two welfare theorems for valuation equilibrium, the inclusion of the set of cost share equilibria in the core, and the nonequivalence of these two sets for an economy with a finite number of agents. In the case that the set of public projects is endowed with a topological structure, we provide conditions under which the price system needed to decentralize a Pareto efficient allocation as a valuation equilibrium is continuous.

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Bibliographic Info

Paper provided by EconWPA in its series Public Economics with number 9403001.

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Length: 16 pages
Date of creation: 09 Mar 1994
Date of revision:
Handle: RePEc:wpa:wuwppe:9403001

Note: 16 pages, LaTeX file, special macros included
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Web page: http://128.118.178.162

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  1. 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.
  2. Valery Vasil'ev & Shlomo Weber & Hans Wiesmeth, 1991. "The Equivalence of Core and Lindahl Equilibria in an Economy with Semi-Public Goods," Discussion Paper Serie B 200, University of Bonn, Germany.
  3. Weber, Shlomo & Wiesmeth, Hans, 1991. "The equivalence of core and cost share equilibria in an economy with a public good," Journal of Economic Theory, Elsevier, vol. 54(1), pages 180-197, June.
  4. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April.
  5. Roberts, Donald John, 1974. "A note on returns to group size and the core with public goods," Journal of Economic Theory, Elsevier, vol. 9(3), pages 350-356, November.
  6. Wooders, Myrna Holtz, 1989. "A Tiebout theorem," Mathematical Social Sciences, Elsevier, vol. 18(1), pages 33-55, August.
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