TY - JOUR
T1 - A generalization of Kaneko’s ratio equilibrium for economies with private and public goods
AU - Diamantaras, Dimitrios
AU - Wilkie, Simon
PY - 1994/4
Y1 - 1994/4
N2 - We introduce an extension of Kaneko’s ratio equilibrium to the case of economies with many public and private goods. Specifically, we employ a general production model where public goods may be inputs in the production of public goods. Using the accounting concept of transfer prices, we propose a definition of ratio equilibrium that generalizes Kaneko’s. We prove that, under standard assumptions, ratio equilibria exist and are free-access core allocations and therefore Pareto efficient. Journal of Economic Literature Classification Numbers: D50, H41, D62.
AB - We introduce an extension of Kaneko’s ratio equilibrium to the case of economies with many public and private goods. Specifically, we employ a general production model where public goods may be inputs in the production of public goods. Using the accounting concept of transfer prices, we propose a definition of ratio equilibrium that generalizes Kaneko’s. We prove that, under standard assumptions, ratio equilibria exist and are free-access core allocations and therefore Pareto efficient. Journal of Economic Literature Classification Numbers: D50, H41, D62.
UR - http://www.scopus.com/inward/record.url?scp=38149148216&partnerID=8YFLogxK
U2 - 10.1006/jeth.1994.1028
DO - 10.1006/jeth.1994.1028
M3 - Article
AN - SCOPUS:38149148216
SN - 0022-0531
VL - 62
SP - 499
EP - 512
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 2
ER -