Efficient Allocations in Club Economies
We explore the characteristics of Pareto-optimal allocations in the context of local public goods or clubs. A set of first-order conditions for Pareto optimality is provided. Classical treatments apparently neglect an important term related to migrant compensation, and thus are incorrect. A Pareto optimum is shown to exist. Copyright 2004 Blackwell Publishing Inc..
Year of publication: |
2004
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Authors: | Berliant, Marcus ; Edwards, John H. Y. |
Published in: |
Journal of Public Economic Theory. - Association for Public Economic Theory - APET, ISSN 1097-3923. - Vol. 6.2004, 1, p. 43-63
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Publisher: |
Association for Public Economic Theory - APET |
Saved in:
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