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We define a concept of share equilibrium for local public good (or club) economies where individual members of the population may have preferences over the membership of their jurisdiction. A share equilibrium specifies one share index for each individual. These indices determine each...
Persistent link: https://www.econbiz.de/10010577894
The present paper extends the standard model of pairwise communication among Bayesian agents to cases where the structure of the communication protocol is not commonly known. We show that, even under standard strict conditions on the structure of the protocols and the nature of the transmitted...
Persistent link: https://www.econbiz.de/10010875250