Dynamic Free Riding with Irreversible Investments
研究了n个无限期生存的个体在私人消费与不可逆的耐久公共品贡献之间选择的马尔可夫均衡，发现当折旧趋近于零时均衡稳态集收敛到唯一点，且耐心增加时最高稳态趋近有效水平，这与可逆投资情形形成对比。
We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the highest steady state converges to the efficient level as agents become increasingly patient. These results are in contrast to the case with reversible investments, where a continuum of inefficient equilibrium steady states exists for any level of depreciation, discount factor, and size of population.