By Luis C. Corchón (auth.)

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3 DESCRIPTION OF THE ECONOMIC ENVIRONMENT In Chapter I a series of concepts referring to public goods economies were introduced. Our description was general enough to include economies without public goods or without production as particular cases. In the present section we will develop the concept of an economy to a greater degree. Definition 1: An economy e is a list ( u;. X;. w;. R, n initial endowment vectors w; and a set F of socially feasible consumption allocations. x; + z :5 fw;, some z}.

Pp. 263-4). 24. Give an example in which the ratio equilibrium does not exist (see Moulin (1988), op. , p. 192). 25. Prove that the introduction of certain types of taxes, whose rates can be calculated without the necessity of knowing the preferences, causes the subscription equilibrium to be Pareto efficient (see Boadway, Pestieau and Wildasin (1989), Public Finance, no. 1 pp. 1-7). 26. Argue that the consideration of externalities introduces non-convexities in production (see Starret, Journal of Economic Theory, pp.

The direct mechanisms in which the strategy space of each agent is that of her possible characteristics (that is, the announcement about u;, X; and W; or only one of them if some of their characteristics are of public knowledge) and the indirect mechanisms in which the strategic spaces are abstract (that is, numbers). A requirement associated with direct mechanisms is that, in equilibrium, they induce the agents to tell the truth Resource Allocation Mechanisms 31 about their characteristics. Otherwise they can be interpreted as indirect mechanisms.

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