Optimality And Equilibrium In A Single-Product Economic Model With Collective Good (Computer Experiments)

Yuriy N. Gavrilets and Irina V. Tarakanova

Montenegrin Journal of Economics, 2013, vol. 9, issue 4, 7-20

Abstract: This paper considers some of the simplest models of the economy with the collective good. Used computer simulations illustrate the relationship between equilibrium and the optimum. We propose a heuristic method for finding the economic equilibrium with the collective goods, which is a variant of the tatonnement process.

Date: 2013
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