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Dynamic Procedures and Incentives in Public Good Economies

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  • Chander, Parkash

Abstract

This paper considers economies involving one public good, one private good, and convex technology and proposes an informationally decentralized dynamic nontatonnement procedure that converges in general from the initial endowments to an allocation in the core. The procedure may be seen as enunciating a plausible method of cooperation among the agents for achieving an optimal provision of a public good and an equitable sharing of its cost. The viewpoint of noncooperative game theory is also considered and it is shown that there exists a trade-off between the requirements of local incentive compatibility and equitable cost sharing. Copyright 1993 by The Econometric Society.

Suggested Citation

  • Chander, Parkash, 1993. "Dynamic Procedures and Incentives in Public Good Economies," Econometrica, Econometric Society, vol. 61(6), pages 1341-1354, November.
  • Handle: RePEc:ecm:emetrp:v:61:y:1993:i:6:p:1341-54
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    References listed on IDEAS

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    1. Andrew Postlewaite, 1979. "Manipulation via Endowments," Review of Economic Studies, Oxford University Press, vol. 46(2), pages 255-262.
    2. David M. Grether & Charles R. Plott, 1982. "Nonbinary Social Choice: An Impossibility Theorem," Review of Economic Studies, Oxford University Press, vol. 49(1), pages 143-149.
    3. Martin J. Osborne & Al Slivinski, 1996. "A Model of Political Competition with Citizen-Candidates," The Quarterly Journal of Economics, Oxford University Press, vol. 111(1), pages 65-96.
    4. Timothy Besley & Stephen Coate, 1997. "An Economic Model of Representative Democracy," The Quarterly Journal of Economics, Oxford University Press, vol. 112(1), pages 85-114.
    5. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
    6. Moulin, Herve, 1994. "Social choice," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 31, pages 1091-1125 Elsevier.
    7. Hong, Lu, 1998. "Feasible Bayesian Implementation with State Dependent Feasible Sets," Journal of Economic Theory, Elsevier, vol. 80(2), pages 201-221, June.
    8. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
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    Citations

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    Cited by:

    1. Parkash Chander & Henry Tulkens, 1995. "A core-theoretic solution for the design of cooperative agreements on transfrontier pollution," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 2(2), pages 279-293, August.
    2. Eduardo Ley, 1996. "On the private provision of public goods: a diagrammatic exposition," Investigaciones Economicas, Fundación SEPI, vol. 20(1), pages 105-123, January.
    3. repec:spr:grdene:v:23:y:2014:i:5:d:10.1007_s10726-013-9342-x is not listed on IDEAS
    4. Chander, Parkash & Thangavelu, Shandre M., 2004. "Technology adoption, education and immigration policy," Journal of Development Economics, Elsevier, vol. 75(1), pages 79-94, October.
    5. Charles Figuières & Magali Verdonck, 2003. "On the Core of an Economy with Multilateral and Multidimensional Environmental Externalities," Economics Bulletin, AccessEcon, vol. 3(3), pages 1-10.
    6. de Trenqualye, Pierre, 1995. "Incentive compatibility without compensation," Economics Letters, Elsevier, vol. 47(1), pages 35-39, January.
    7. Parkash Chander, 2007. "The gamma-core and coalition formation," International Journal of Game Theory, Springer;Game Theory Society, vol. 35(4), pages 539-556, April.
    8. repec:ebl:ecbull:v:3:y:2003:i:3:p:1-10 is not listed on IDEAS
    9. repec:eee:jeeman:v:84:y:2017:i:c:p:173-188 is not listed on IDEAS
    10. Kimitoshi Sato, 2012. "Nonmyopia and incentives in the piecewise linearized MDP procedures with variable step-sizes," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 1(1), pages 1-23, December.

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