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A Core-equilibrium Convergence in an Economy with Public Goods

Nizar Allouch

No 642, Working Papers from Queen Mary University of London, School of Economics and Finance

Abstract: This paper deals with a core-equilibrium equivalence in an economy with public goods where preferences of consumers display warm glow effects. We demonstrate that provided that each consumer becomes satiated to other consumers provision, it holds that, for a sufficiently large economy, the set of Edgeworth allocations is non-empty. Moreover, we show that an Edgeworth allocation could be decentralized as a warm glow equilibrium.

Keywords: Competitive equilibrium; Warm glow; Public goods; Edgeworth; Core; Decentralization (search for similar items in EconPapers)
JEL-codes: H41 C71 D64 (search for similar items in EconPapers)
Date: 2009-04
New Economics Papers: this item is included in nep-gth, nep-pbe and nep-pub
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