The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Sep, 1980, Volume 48, Issue 6
https://doi.org/0012-9682(198009)48:6<1467:TTHNOI>2.0.CO;2-M
p. 1467-1485
Myrna Wooders
Over two decades ago, Charles Tiebout conjectured that in economies with local public goods, consumers "vote with their feet" and that this "voting" creates an approximate "market-type" equilibrium. He hypothesized that this approximate equilibrium is "nearly" optimal and, the smaller the moving costs, the closer the equilibrium is to an optimum. This paper provides a formal model of an economy with a local public good and endogenous jurisdiction structures (partitions of the set of agents into jurisdictions) which permits proofs of Tiebout's conjectures. Analogues of classical results pertaining to private-good economies, such as existence of equilibrium and convergence of the core to equilibrium states of the economy, are obtained for the approximate equilibrium and approximate cores.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
