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A Core‐Equilibrium Convergence in a Public Goods Economy

Nizar Allouch

Journal of Public Economic Theory, 2010, vol. 12, issue 4, 857-870

Abstract: This paper shows a core‐equilibrium convergence in a public goods economy where consumers' preferences display warm glow effects. We demonstrate that if each consumer becomes satiated to other consumers' provision, then as the economy grows large the core shrinks to the set of Edgeworth allocations. Moreover, we show that an Edgeworth allocation can be decentralized as a warm glow equilibrium.

Date: 2010
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https://doi.org/10.1111/j.1467-9779.2010.01477.x

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Journal of Public Economic Theory is currently edited by Rabah Amir, Gareth Myles and Myrna Wooders

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