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ECONOMIES WITH PUBLIC PROJECTS: EFFICIENCY AND DECENTRALIZATION

Maria Graziano

International Economic Review, 2007, vol. 48, issue 3, 1037-1063

Abstract: The article deals with the two fundamental theorems of welfare economics for production economies with a finite set of agents, infinitely many private goods, and a set of public projects. The problem of efficiency and decentralization is addressed under the following very general assumptions: (a) the commodity-price duality is endowed with a consistent locally convex topology; (b) the set of public projects is without any mathematical structure. Moreover, any agent is characterized by a nonordered preference relation depending on consumption goods and public projects. Approximate and exact welfare theorems are discussed throughout the article. Copyright 2007 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Date: 2007
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International Economic Review is currently edited by Harold L. Cole

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