Voluntary formation of communities for the provision of public projects

Article Abstract:

A group formation problem is examined, where heterogeneous individuals partitioned themselves into communities, each choosing its own public project from the given space of feasible projects. The findings indicate that with a unidimensional project space and single-peaked personalized costs, every efficient partition is sustainable.

United States, Public Finance Activities, Forecasts, trends, outlooks, Expenditures-Total Govt, Expenditures-State Govt, Forecasts and trends, Market trend/market analysis, Expenditures, Public, Public expenditures, Feasibility studies

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The value of information in production economies

Article Abstract:

Research into conditions for restoring the conclusion of D. Blackwell's theorem in an economy with production is presented. A new approach allows a generalization of Blackwell's result to an equilibrium framework. It is shown that the introduction of risk sharing markets could lead to a failure of the Blackwell theorem.

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Conflict and cooperation: the structure of equilibrium payoffs in common agency

Article Abstract:

Further discussion of the theory of common agency developed by B.D. Bernheim and M.D. Whinston is presented. It is shown that the characterization of the equilibrium payoffs was equivalent to the characterization of the solutions of equations named fundamental equations.

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