A Core-Equilibrium Convergence in a Public Goods Economy
This paper shows a core-equilibrium convergence in a public goods economy where consumers' preferences display warm glow effects. We demonstrate that if each consumer becomes satiated to other consumers' provision, then as the economy grows large the core shrinks to the set of Edgeworth allocations. Moreover, we show that an Edgeworth allocation can be decentralized as a warm glow equilibrium. Copyright © 2010 Wiley Periodicals, Inc..
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Volume (Year): 12 (2010)
Issue (Month): 4 (08)
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