Dynamic Voluntary Provision of Public Goods and Optimal Steady-State Subsidies
This paper examines a differential game model of voluntary provision of a public good in which private agents' contributions accumulate over time and derives subsidy rules that achieve the socially efficient steady state. It is shown that the optimal subsidy rule is a simple one when agents use the open-loop strategy, while under Markovian strategies it intricately depends on the parameters of the economy. Copyright 2006 Blackwell Publishing Inc..
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Volume (Year): 8 (2006)
Issue (Month): 1 (January)
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