Faias, Marta, Moreno-García, Emma and Wooders, Myrna Holtz (2011) A strategic market game approach for the private provision of public goods. In: University of Exeter Department of Economics Workshop in Honour of Cuong Le Van, Exeter, 9-11 Sep 2011 (Unpublished)

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Abstract

Bergstrom, Blume and Varian (1986) provides an elegant game-theoretic model of an economy with one private good and one public good. Strategies of players consist of voluntary contributions of the private good to public good production. Without relying on first order conditions, the authors demonstrate existence of Nash equilibrium and an extension of Warr's neutrality result if any redistribution of endowment that left the set of contributors unchanged would induce a new equilibrium with the same total public good provision. The assumption of one-private good greatly facilities the results. We provide analogues of the Bergstrom, Blume and Varian results in a model allowing multiple private and public goods. In addition, we relate the strategic market game equilibrium to the private provision of equilibrium of Villanaci and Zenginobuz (2005), which provides a counter-part to the Walrasian equilibrium for a public goods economy. Our techniques follow those of Dubey and Geanakoplos (2003), which itself grows out of the seminal work of Shapley and Shubik (1977). Our approach also incorporates, into the strategic market game literature, economies with production, not previously treated and, as a by-product, establishes a new existence of private-provision equilibrium.

Item Type:	Conference Item (Paper)
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Official Date:	20 September 2011
Dates:	Date Event 20 September 2011 Completion
Status:	Not Peer Reviewed
Publication Status:	Unpublished
Funder:	Ministerio de Ciencia e Innovaci on, Fundação para a Ciência e a Tecnologia
Grant number:	ECO2009- 14457-C04-01, PEst-OE/MAT/UI0297/2011 (CMA)
Version or Related Resource:	Faias, Marta, et al. (2011). A strategic market game approach for the private provision of public goods. In: The Association for Public Economic Theory. Bloomington, IN, 2-4 Jun 2011. Faias, Marta, et al. (2011). A strategic market game approach for the private provision of public goods. In: Invited Speaker : Weekly Economics Seminar, IUPUI. Indianapolis, 14 Oct 2011. Faias, Marta, et al. (2012). A strategic market game approach for the private provision of public goods. In: Invited Speaker : Seminars in Economics, University of Luxembourg. Luxembourg, 9 May 2012. Faias, Marta, et al. (2012). A strategic market game approach for the private provision of public goods. In: MINT (Models of Inlfuence and Network Theory) 3 : Third international workshop. Paris, 14-15 May 2012.
Conference Paper Type:	Paper
Title of Event:	University of Exeter Department of Economics Workshop in Honour of Cuong Le Van
Type of Event:	Other
Location of Event:	Exeter
Date(s) of Event:	9-11 Sep 2011
Related URLs:	Other Other Other

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