Financial Control of a Competitive Economy with Public Goods but Without Randomness |
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| Authors: | IOANNIS KARATZAS MARTIN SHUBIK WILLIAM D SUDDERTH |
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| Institution: | 1. Department of Mathematics, Columbia University;2. Cowles Foundation for Research in Economics, Yale University;3. School of Statistics, University of Minnesota |
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| Abstract: | The monetary and fiscal control of a simple economy without outside randomness is studied here from the microeconomic basis of a strategic market game. The government’s bureaucracy is treated as a public good that provides services at a cost. A conventional public good is also considered. |
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