EFFICIENCY AND CORE PROPERTIES OF VALUATION EQUILIBRIUM WITH INCREASING RETURNS

Antonio Villar and Peter Hammond

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

Abstract: This paper considers market economies involving the choice of a public environment when there are nonconvexities in production. It discusses the decentralization of efficient allocations by means of valuation equilibrium, adapting to many private goods the notion due to Mas-Colell (1980) which extends the Lindahlian approach to the pure theory of public goods. It is shown that a valuation equilibrium satisfies the two welfare theorems and is in the core.

Keywords: Valuation Equilibrium; Increasing Returns to Scale; Efficiency. (search for similar items in EconPapers)
Pages: 20 pages
Date: 2001-07
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http://www.ivie.es/downloads/docs/wpasad/wpasad-2001-24.pdf Fisrt version / Primera version, 2001 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:2001-24

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