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- Valuation Equlibrium Revisited

  • Antonio Villar Notario

    (Instituto Valenciano de Investigaciones Económicas)

  • Peter Hammond

    (Stanford University)

This paper extends the notion of valuation equilibrium which applies to market economies involving the choice of a public environment. Unlike some other recent work, it is assumed here that consumers and firms evaluate alternative environments taking market prices as given (hence this notion is closer to that of competitive equilibria). It is shown that valuation equilibria with balanced tax schemas yield eficient allocations and that eficient allocations can be decentralized as valuation equilibria, with tax schemas that may be unbalanced.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1998-24.pdf
File Function: Fisrt version / Primera version, 1998
Download Restriction: no

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1998-24.

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Length: 17 pages
Date of creation: Oct 1998
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1998-24
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  1. DREZE, Jacques H. & HAGEN, Kare P., . "Choice of product quality: equilibrium and efficiency," CORE Discussion Papers RP -332, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Antonio Villar, 2007. "Competitive Pricing," Working Papers 07.08, Universidad Pablo de Olavide, Department of Economics.
  3. Mas-Colell, Andreu & Silvestre, Joaquim, 1989. "Cost share equilibria: A Lindahlian approach," Journal of Economic Theory, Elsevier, vol. 47(2), pages 239-256, April.
  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. Dimitrios Diamantaras & Robert P. Gilles, 1994. "The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core," Public Economics 9403001, EconWPA.
  6. Diamantaras Dimitrios & Wilkie Simon, 1994. "A Generalization of Kaneko's Ratio Equilibrium for Economies with Private and Public Goods," Journal of Economic Theory, Elsevier, vol. 62(2), pages 499-512, April.
  7. repec:cup:cbooks:9780521335614 is not listed on IDEAS
  8. Bergstrom, Theodore C., 1970. "A "Scandinavian consensus" solution for efficient income distribution among nonmalevolent consumers," Journal of Economic Theory, Elsevier, vol. 2(4), pages 383-398, December.
  9. Kaneko, Mamoru, 1977. "The ratio equilibrium and a voting game in a public goods economy," Journal of Economic Theory, Elsevier, vol. 16(2), pages 123-136, December.
  10. Mas-Colell, Andreu, 1980. "Efficiency and Decentralization in the Pure Theory of Public Goods," The Quarterly Journal of Economics, MIT Press, vol. 94(4), pages 625-41, June.
  11. Vega-Redondo, Fernando, 1987. "Efficiency and nonlinear pricing in nonconvex environments with externalities: A generalization of the Lindahl equilibrium concept," Journal of Economic Theory, Elsevier, vol. 41(1), pages 54-67, February.
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