Shapley Value And Lindahl Equilibrium For An Economy With A Public Good: An Example

Roy Gardner

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: In an economy, there are essentially three approaches to the problem of value and distribution: pure competition (competitive equilibrium), coalition power (the core), and fair division (the Shapley value) [5]. In an economy without public goods but with a continuum of agents, all three approaches are equivalent, in the sense that they lead to the same allocation of goods and the same imputation of utility [1, 2]. For an economy with public goods, competitive equilibrium is replaced by the analogous concept of Lindahl equilibrium, the other approaches remaining the same.

Date: 1975-10-01
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