Voting with ballots and feet: existence of equilibrium in a local public good economy
Article Abstract:
The Greenberg and Shitovitz majority voting approach is extended to prove the existence of equilibrium in a local public good economy. The new model allows free mobility, multiple commodities, consumer preference of jurisdiction and population distribution externalities. Although the extended model has proven the existence of a voting market equilibrium, the conclusion can still be improved by providing for empty jurisdictions with reasonable tax policies.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Coalition formation as a dynamic process
Article Abstract:
A process of coalition formation (PCF) is connected with unique absorbing state to the core, and equilibrium PCFs with multiple absorbing states to the largest consistent set. PCF is an ongoing , dynamic process, with payoffs generated as coalitions form, disintegrate, or regroup.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
User Contributions:
Comment about this article or add new information about this topic:
Entry, exit, and imperfect competition in the long run
Article Abstract:
Under general conditions, Nash equilibrium exhibits excessive entry and insufficient exit relative to a social optimum. This equilibrium has a relatively simple structure which is characterized by two per finite history.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Are small stock markets different?. Existence and uniqueness of equilibrium in nonoptimal unbounded infinite horizon economies
- Abstracts: Informed trading and the bid-ask spread: evidence from an emerging market. Which enterprises (believe they) have soft budgets? Evidence on the effects of ownership and decentralization in Mongolia
- Abstracts: Beleifs equilibra in an overlapping generations model. Tom Sawyer and the construction of value. Mispredicting the endowment effect: underestimation of owners' selling prices by buyer's agents
- Abstracts: Modeling the term structure of interest rates: a new approach. Likelihood-based specification analysis of continuous-time models of the short-term interest rate
- Abstracts: Efficient equilibrium selection in evolutionary games with random matching. The evolution of rationality and the Red Queen