Efficiency and core properties of valuation equilibrium with increasing returns

  1. Hammond, Peter
  2. Villar, Antonio
Aldizkaria:
Working papers = Documentos de trabajo: Serie AD

Argitalpen urtea: 2001

Zenbakia: 24

Mota: Laneko dokumentua

DIALNET GOOGLE SCHOLAR lock_openSarbide irekia editor

Laburpena

This paper considers market economies involving the choice of a public environment when there are nonconvexities in production. It discusses the decentralization of efficient allocations by means of valuation equilibrium, adapting to many private goods the notion due to Mas-Colell (1980) which extends the Lindahlian approach to the pure theory of public goods. It is shown that a valuation equilibrium satisfies the two welfare theorems and is in the core.

Datuen iturria: Dialnet