The Theory of Externalities, Public Goods, and Club Goods

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Cambridge University Press, Jun 28, 1996 - Business & Economics - 590 pages
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This book presents a theoretical treatment of externalities (i.e. uncompensated interdependencies), public goods, and club goods. The new edition updates and expands the discussion of externalities and their implications, coverage of asymmetric information, underlying game-theoretic formulations, and intuitive and graphical presentations. Aimed at well-prepared undergraduates and graduate students making a serious foray into this branch of economics, the analysis should also interest professional economists wishing to survey recent advancements in the field. No other single source for the range of materials explored is currently available.
 

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Contents

Views on market intervention
3
Equilibrium concepts in public economics
17
Theory of externalities
39
Externalities equilibrium and optimality
68
output than under nonuniform taxes
78
exchange economy
83
Externalities and private information
102
allocations
125
Game theory and public goods
300
Departures from NashCournot behavior
327
linear preferences
332
Homogeneous clubs and local public goods
347
public goods
363
Clubs in general
370
Institutional forms and clubs
394
Game theory and club goods
415

NashCournot equilibria
143
economy
154
Alternative mechanisms for provision of public goods
198
person economy
207
Lindahls scheme
218
Public goods in general
240
informed monopolist
245
good model
258
optimal allocation
271
Uncertainty and the theory of clubs
435
Intergenerational clubs
461
Empirical estimation and public goods
483
Applications and empirics
506
Conclusions and directions for future research
536
References
553
Author index
581
Subject index
587
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