Clubs and the Market
AbstractThis paper defines a general equilibrium model with exchange and club formation. Agents trade multiple private goods widely in the market, can belong to several clubs, and care about the characteristics of the other members of their clubs. The space of agents is a continuum, but clubs are finite. It is shown that (i) competitive equilibria exist, and (ii) the core coincides with the set of equilibrium states. The central subtlety is in modeling club memberships and expressing the notion that membership choices are consistent across the population.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 67 (1999)
Issue (Month): 5 (September)
Other versions of this item:
- Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R Zame, 2003. "Clubs and the Market," Levine's Working Paper Archive 618897000000000754, David K. Levine.
- Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market," Discussion Papers 99-04, University of Copenhagen. Department of Economics.
- D2 - Microeconomics - - Production and Organizations
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- H4 - Public Economics - - Publicly Provided Goods
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