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

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Author Info
Dimitrios Diamantaras (Temple University, Philadelphia PA)
Robert P. Gilles (Virginia Polytechnic Institute and State University, Blacksburg, VA)

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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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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
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Handle: RePEc:wpa:wuwppe:9403001

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Web page: http://129.3.20.41

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Find related papers by JEL classification:
D6 - Microeconomics - - Welfare Economics
D7 - Microeconomics - - Analysis of Collective Decision-Making
H - Public Economics

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  1. 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. [Downloadable!] (restricted)
  2. Donald John Roberts, 1974. "A Note on Returns to Group Size and the Core with Public Goods," Discussion Papers 80, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  3. 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.
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  4. Wooders, Myrna Holtz, 1989. "A Tiebout theorem," Mathematical Social Sciences, Elsevier, vol. 18(1), pages 33-55, August. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
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  1. Diamantaras, D. & Gilles, R.P & Ruys, P.H.M., 1994. "Efficiency and Separability in Economies with a Trade Center," Discussion Paper 107, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Laan, G. van der & Ruys, P. & Talman, D., 2000. "Optimal provision of infrastructure using public-private partnership contracts," Discussion Paper 126, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Peter J. Hammond & Antonio Villar, . "Efficiency with Non-Convexities: Extending the "Scandinavian Consensus" Approaches," Working Papers 97036, Stanford University, Department of Economics. [Downloadable!]
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  4. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1998. "Clubs and the Market: Continuum Economies," Microeconomics 9802002, EconWPA. [Downloadable!]
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  5. Marcus Berliant & Hideo Konishi, 2000. "The Endogenous Formation of a City: Population Agglomeration and Marketplaces in a Location-Specific Production Economy," Boston College Working Papers in Economics 451, Boston College Department of Economics. [Downloadable!]
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  6. 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). [Downloadable!]
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  7. Achille Basile & Anna Simone & Maria Graziano, 2005. "Coalitional economies with public projects," Social Choice and Welfare, Springer, vol. 25(1), pages 127-139, October. [Downloadable!] (restricted)
  8. Antonio Villar Notario & Peter Hammond, 1998. "- Valuation Equlibrium Revisited," Working Papers. Serie AD 1998-24, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  9. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William Zame, 1997. "Clubs and the Market: Large Finite Economies," UCLA Economics Working Papers 766, UCLA Department of Economics. [Downloadable!]
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