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Decentralization of Pareto Optima in Economies with Public Projects, Nonessential Private Goods and Convex Costs

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  • Diamantaras, Dimitrios
  • Gilles, Robert P
  • Scotchmer, Suzanne

Abstract

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.

Suggested Citation

  • Diamantaras, Dimitrios & Gilles, Robert P & Scotchmer, Suzanne, 1996. "Decentralization of Pareto Optima in Economies with Public Projects, Nonessential Private Goods and Convex Costs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(3), pages 555-564, October.
  • Handle: RePEc:spr:joecth:v:8:y:1996:i:3:p:555-64
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    References listed on IDEAS

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    1. Detemple, Jerome B & Selden, Larry, 1991. "A General Equilibrium Analysis of Option and Stock Market Interactions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(2), pages 279-303, May.
    2. Bisin, Alberto, 1998. "General Equilibrium with Endogenously Incomplete Financial Markets," Journal of Economic Theory, Elsevier, vol. 82(1), pages 19-45, September.
    3. Detemple, Jerome & Jorion, Philippe, 1990. "Option listing and stock returns : An empirical analysis," Journal of Banking & Finance, Elsevier, vol. 14(4), pages 781-801, October.
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    Citations

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    Cited by:

    1. Bryan Ellickson and Birgit Grodal, Suzanne Scotchmer, and William R. Zame., 1997. "Clubs and the Market: Continuum Economies," Economics Working Papers 97-254, University of California at Berkeley.
    2. Ellickson, Bryan & Grodal, Birgit & Scotchmer, Suzanne & Zame, William R., 2001. "Clubs and the Market: Large Finite Economies," Journal of Economic Theory, Elsevier, vol. 101(1), pages 40-77, November.
    3. Robert P. Gilles and Suzanne Scotchmer., 1995. "Decentralization in Replicated Club Economies with Multiple Private Goods," Economics Working Papers 95-243, University of California at Berkeley.
    4. Hammond, Peter J & Villar, Antonio, 1998. " Efficiency with Non-convexities: Extending the "Scandinavian Consensus" Approaches," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(1), pages 11-32, March.
    5. De Simone, Anna & Graziano, Maria Gabriella, 2004. "The pure theory of public goods: the case of many commodities," Journal of Mathematical Economics, Elsevier, vol. 40(7), pages 847-868, November.
    6. Conley, John P. & Wooders, Myrna H., 2001. "Tiebout Economies with Differential Genetic Types and Endogenously Chosen Crowding Characteristics," Journal of Economic Theory, Elsevier, vol. 98(2), pages 261-294, June.
    7. Gilles, Robert P. & Scotchmer, Suzanne, 1997. "Decentralization in Replicated Club Economies with Multiple Private Goods," Journal of Economic Theory, Elsevier, pages 363-387.
    8. Berliant, Marcus & Konishi, Hideo, 2000. "The endogenous formation of a city: population agglomeration and marketplaces in a location-specific production economy," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 289-324, May.
    9. Achille Basile & Anna Simone & Maria Graziano, 2005. "Coalitional economies with public projects," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(1), pages 127-139, October.
    10. Maria Graziano & Maria Romaniello, 2012. "Linear cost share equilibria and the veto power of the grand coalition," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 38(2), pages 269-303, February.
    11. Diamantaras, D. & Gilles, R.P. & Ruys, P.H.M., 1994. "Efficiency and separability in economies with a trade center," Discussion Paper 1994-107, Tilburg University, Center for Economic Research.
    12. Alain Chateauneuf & Ghizlane Lakhnati & Eric Langlais, 2016. "On the precautionary motive for savings and prudence in the rank-dependent utility framework," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 169-182.

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