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We develop a model that combines competitive exchange of private commodities across endogenously formed groups with public good provision and global collective decisions. There is a tension between local and global collective decisions. In particular, we show that group formation and collective...
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We consider a collective choice process where three players make proposals sequentially on how to divide a given quantity of resources. Afterwards, one of the proposals is chosen by majority decision. If no proposal obtains a majority, a proposal is drawn by lot. We establish the existence of...
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Haller and Hans Gersbach have pioneered a ‘market’ approach that applies the tools of general equilibrium theory to the … presented in this book extends the theory of the multi-person household along an important but relatively neglected dimension …, that of general equilibrium theory. It also challenges GE theorists themselves to follow Paul Samuelson in taking seriously …
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