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A simple framework for investigating the properties of policy games

  • Piacquadio Paolo G.
  • Di Bartolomeo Giovanni
  • Acocella Nicola

The paper extensively studies the static model of non-cooperative linear quadratic games in which a set of agents chooses their instruments strategically to minimize their linear quadratic criterion. We first derive the necessary and sufficient conditions for the existence of a Nash equilibrium as well as for multiple equilibria to arise. Furthermore, we study the general condition for policy neutrality and Pareto efficiency of the equilibrium by introducing a new concept of decisiveness.

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Paper provided by Department of Communication, University of Teramo in its series wp.comunite with number 0059.

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Date of creation: Dec 2009
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Handle: RePEc:ter:wpaper:0059
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  9. Dixit, Avinash & Olson, Mancur, 2000. "Does voluntary participation undermine the Coase Theorem?," Journal of Public Economics, Elsevier, vol. 76(3), pages 309-335, June.
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  12. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
  13. Patrick Schmitz, 2001. "The Coase Theorem, Private Information, and the Benefits of Not Assigning Property Rights," European Journal of Law and Economics, Springer, vol. 11(1), pages 23-28, January.
  14. Bernholz, Peter, 1999. "The generalized Coase Theorem and separable individual preferences: an extension," European Journal of Political Economy, Elsevier, vol. 15(2), pages 331-335, June.
  15. Bernholz, Peter, 1997. "Property rights, contracts, cyclical social preferences and the Coase theorem: A synthesis," European Journal of Political Economy, Elsevier, vol. 13(3), pages 419-442, September.
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  17. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-57, Jan.-Feb..
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  19. Sen, Amartya K, 1976. "Liberty, Unanimity and Rights," Economica, London School of Economics and Political Science, vol. 43(171), pages 217-45, August.
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