The Theory of Externalities, Public Goods, and Club Goods [Paperback]

This book presents an updated and expanded discussion of theoretical treatment of externalities (i.e. uncompensated interdependencies), public goods, and club goods.No other single source is currently available for the range of materials explored. This 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.No other single source is currently available for the range of materials explored. This 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.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.Preface; Part I. Introduction to the Theory of Externalities, Public Goods, and Club Goods: 1. Views on market failure; 2. Equilibrium concepts in public economics; Part II. Externalities: 3. Theory of externalities; 4. Externalities, equilibrium, and optimality; 5. Information and externalities; Part III. Public Goods: 6. Pure public goods: Nash-Cournot equilibria and Pareto optimality; 7. Alternative mechanisms for the provision of public goods; 8. Public goods in general; 9. Game theory and public goods; 10. Departures from the Nash-Cournot behavior; Part IV. Clubs and Club Goods: 11. Homl