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Efficiency, monotonicity and rationality in public goods economies

Author

Listed:
  • M. GinÊs

    (Departmento Fundamentos del AnÂlisis EconÕmico, Universidad de Alicante, E-03071 Alicante, SPAIN)

  • F. Marhuenda

    (Departmento Fundamentos del AnÂlisis EconÕmico, Universidad de Alicante, E-03071 Alicante, SPAIN)

Abstract

In economies with public goods, we identify a necessary and sufficient condition for the existence of cost monotonic, Pareto optimal and individually rational mechanisms. These exist if and only if the preferences of the agents satisfy what we call the equal ordering property. We also show that when this condition holds the egalitarian equivalent correspondence is the only cost monotonic selection from the core of the economy. Furthermore, it is unambiguous in the sense that the agents are indifferent among all the allocations in it.

Suggested Citation

  • M. GinÊs & F. Marhuenda, 1998. "Efficiency, monotonicity and rationality in public goods economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(2), pages 423-432.
    • Handle: RePEc:spr:joecth:v:12:y:1998:i:2:p:423-432
    Note: Received: February 26, 1996; revised version: January 31, 1997
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    Cited by:

    1. Thomson, William, 2011. "Chapter Twenty-One - Fair Allocation Rules," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 2, chapter 21, pages 393-506, Elsevier.

    More about this item

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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