1n two related papers, Kaneko (1977, 1977a) hILS proved an equivalence theorem relating the set of ratio equilibria of a public goods economy to the core of a strong voting game. This paper extends in two ways Kaneko's analysis to economies with jurisdictions, each producing a specific public...

In two related papers, Kanedo (1977, 1977a) has proved an equibalence theorem relating the set of ratio equilibria of a public goods economy to the core of a strong voting game. This paper extends in two ways Kaneko's analysis to economies with jurisdictions, each producing a spedific public good.

Media industries are important drivers of popular culture. A large fraction of leisure time is devoted to radio, magazines, newspapers, the Internet, and television (the illustrative example henceforth). Most advertising expenditures are incurred for these media. They are also mainly supported...

Books are an important factor of cultural transmission, but need, in most cases, to be translated. According to some authors, this may lead to a form of cultural domination, in particular of English, on other languages. All these papers ignore that thepopulation speaking English as a first...

We reconsider the well-known result of Arrow (1953) that the set of equilibria of an economy with complete markets coincides with the one of an economy with sequentially complete markets. We show by means of two examples that this result is problematic when there exist multiple equilibrium...

In this paper we present a model of credit market with several homogeneous lenders competing to finance an investment project. Contracts are non-exclusive, hence the borrower can accept whatever subset of the offered loans. We use the model to discuss efficiency issues in competitive economies...

In this paper we investigate the welfare effects of capital income taxation in a standard one commodity general equilibrium model with incomplete markets (GEI) and production. We consider a competitive economy of two periods with uncertainty over a finite number S of possible states of nature...

Current Office of Management and Budget (OMB) guidelines use the interest rate as a basis for the discount rate, and have nothing to say about an intergenerationally fair discount rate. We derive this discount rate by differentiating a social welfare function with respect to perturbations in...

This paper offers a rationale for the development of the barter industry in industrialized economies. It argues that, in a context of imperfect competition, barter represents a profitable and efficient system of exchange. Thanks to barter, even if already at the optimum, a monopolist can still...

In this paper, we study a pure exchange economy with idiosyncratic uncertainty, hidden action and multiple consumption goods.We consider two different market structures: contingent markets on the one hand, and financial and spot markets on the otherhand. We propose a competitive equilibrium...