- VALUATION EQULIBRIUM REVISITED

Antonio Villar and Peter Hammond

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: This paper extends the notion of valuation equilibrium which applies to market economies involving the choice of a public environment. Unlike some other recent work, it is assumed here that consumers and firms evaluate alternative environments taking market prices as given (hence this notion is closer to that of competitive equilibria). It is shown that valuation equilibria with balanced tax schemas yield eficient allocations and that eficient allocations can be decentralized as valuation equilibria, with tax schemas that may be unbalanced.

Keywords: valuation equilibrium; non-convexities; public goods (search for similar items in EconPapers)
Pages: 17 pages
Date: 1998-10
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Citations: View citations in EconPapers (4)

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http://www.ivie.es/downloads/docs/wpasad/wpasad-1998-24.pdf Fisrt version / Primera version, 1998 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1998-24

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