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Optimality And Equilibrium In A Single-Product Economic Model With Collective Good (Computer Experiments)

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  • Yuriy N. Gavrilets
  • Irina V. Tarakanova

Abstract

This paper considers some of the simplest models of the economy with the collective good. Used computer simulations illustrate the relationship between equilibrium and the optimum. We propose a heuristic method for finding the economic equilibrium with the collective goods, which is a variant of the tatonnement process.

Suggested Citation

  • Yuriy N. Gavrilets & Irina V. Tarakanova, 2013. "Optimality And Equilibrium In A Single-Product Economic Model With Collective Good (Computer Experiments)," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(4), pages 7-20.
    • Handle: RePEc:mje:mjejnl:v:9:y:2013:i:4:p:7-20
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    References listed on IDEAS

    as
    1. Bergstrom, Theodore & Blume, Lawrence & Varian, Hal, 1986. "On the private provision of public goods," Journal of Public Economics, Elsevier, vol. 29(1), pages 25-49, February.
    2. J. H. Dreze & D. de la Vallee Poussin, 1971. "A Tâtonnement Process for Public Goods," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(2), pages 133-150.
    3. Claude Fourgeaud & Bernard Lenclud & Pierre Michel, 1983. "Taux d'actualisation et prix de l'énergie," Revue Économique, Programme National Persée, vol. 34(2), pages 253-276.
    4. repec:bla:scandj:v:104:y:2002:i:1:p:173-88 is not listed on IDEAS
    5. Nitzan, Shmuel & Romano, Richard E., 1990. "Private provision of a discrete public good with uncertain cost," Journal of Public Economics, Elsevier, vol. 42(3), pages 357-370, August.
    Full references (including those not matched with items on IDEAS)

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