We buid a simple model of commuter railways where congestion exists, show that price-cap (PC) regulation causes congestion compared to rate-of-return (ROR) regulation. We next consider methods to correct it, and show the following results: (i) PC regulation, in which the cap is made contingent...

This paper discusses and develops "non-welfaristic" arguments on distributive justice, mainly basing upon J. Rawls and A.K. Sen, and formalizes, in cooperative production economies, "non-welfaristic" distribution rules as game forms. First, it conceptualizes Needs Principle that the distribution...

The paper constructs a two-sector model of endogenous growth for a Mixed Economy characterized by two private inputs, labor and capital, and the services of an accumulable pure public input (of which an important example is infrastructure). Final goods are produced by a competitive private...

This paper examines the implementation of two public ownership solutions in convex production economies with differentiable production functions. The two public ownership solutions we focus on are the proportional and equal benefit solutions. Two "natural" mechanisms which doubly implement the...