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Firms as clubs in Walrasian markets with private information : technical appendix

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Author Info
Edward Simpson Prescott
Robert M. Townsend

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Abstract

This paper proves the Welfare Theorems and the existence of a competitive equilibrium for the club economies with private information in Prescott and Townsend (2005). The proofs cover lottery economies with a finite number of goods and without free disposal. A mapping based on Negishi (1960) is used.

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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 05-11.

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Date of creation: 2005
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Handle: RePEc:fip:fedrwp:05-11

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Keywords: Welfare ; Competition;

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  1. Edward S. Prescott & Robert M. Townsend, 2000. "Firms as clubs in Walrasian markets with private information," Working Paper 00-08, Federal Reserve Bank of Richmond. [Downloadable!]
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This page was last updated on 2009-11-20.

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