The Pure Theory of Public Goods: Efficiency, Dencentralization, and the Core

Dimitrios Diamantaras and Robert P Gilles

International Economic Review, 1996, vol. 37, issue 4, 851-60

Abstract: The authors extend the findings of Mas-Colell on valuation equilibria and the relationship of cost-share equilibria with the core. They allow for any finite number of private goods and a set of public projects without any structure. The authors show the two welfare theorems for valuation equilibrium, the inclusion of the set of cost-share equilibria in the core, and the nonequivalence of these two sets for an economy with a finite number of agents. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1996
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