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.

Economic aspects, Public goods, Existence theorems

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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.

Coalition (Social sciences), Coalitions (Social sciences), Econometric models

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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.

Models, Economic research

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