An Example of Nonexistence of Three‐Community Equilibrium

Andrei Gomberg

Journal of Public Economic Theory, 2005, vol. 7, issue 2, 285-294

Abstract: In this paper I provide an example of sorting equilibrium nonexistence in a three‐community model of the type introduced in Caplin and Nalebuff (1997; Journal of Economic Theory 72, 306–342). With two communities, such an example has been shown to exist only when the dimension of the policy space is even. It turns out, however, that with three communities existence may fail regardless of whether the policy space dimension is odd or even. This suggests that the original odd/even dichotomy can, at least in part, be explained by the evenness of the number of communities.

Date: 2005
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https://doi.org/10.1111/j.1467-9779.2005.00204.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jpbect:v:7:y:2005:i:2:p:285-294

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