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Decentralization of Pareto optima in economies with public projects, nonessential private goods and convex costs (☆)

  • Robert P. Gilles

    (Department of Economics, Virginia Polytechnic Institute & State University, Blacksburg, VA 24061, USA)

  • Suzanne Scotchmer

    (Department of Economics and Graduate School of Public Policy, University of California, Berkeley, CA 94720, USA)

  • Dimitrios Diamantaras

    (Department of Economics, Temple University, Philadelphia, PA 19122, USA)

In the theory of economies with public goods one usually considers the case in which private goods are essential, i.e., each agent receives a fixed minimum level of utility if he consumes no private goods, irrespective of the public goods consumed. This paper develops the second welfare theorem for economies with public projects and possibly inessential private goods. As a corollary we also derive conditions under which valuation equilibria exist.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 8 (1996)
Issue (Month): 3 ()
Pages: 555-564

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Handle: RePEc:spr:joecth:v:8:y:1996:i:3:p:555-564
Note: Received:June 15, 1994; revised version September 15, 1995
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