Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 03 Feb 2018 My Price 5.00

utility of the representative person

The common-pool problem in government spending. (Weingarten, Shipley, and Johnson, 1981.) Suppose the economy consists of M > 1 congressional districts. The utility of the representative person living in district i is E +V(Gi)−C (T ). E is the endowment, Gi is the level of a local public good in district i, and T is taxes (which are assumed to be the same in all districts). Assume V  (•) > 0, V (•) < 0,="" c ="" (•)=""> 0, and C (•) > 0. The government budget constraint is  the representative from each district dictates the values of G in his or her district. Each representative maximizes the utility of the representative person living in his or her district.

 

(a) Find the first-order condition for the value of Gj chosen by the representative from district j, given the values of Gi chosen by the other representatives and the government budget constraint (which implies  (Note: Throughout, assume interior solutions.)

 

(b) Find the condition for the Nash equilibrium value of G. That is, find the condition for the value of G such that if all other representatives choose that value for their Gi, a given representative wants to choose that value.

 

(c) Is the Nash equilibrium Pareto-efficient? Explain. What is the intuition for this result?

 

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 03 Feb 2018 08:02 PM My Price 5.00

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