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Consumption Externalities, Rental Markets and Purchase Clubs

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Author Info
Suzanne Scotchmer (University of California, Berkeley)

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Abstract

A premise of general equilibrium theory is that private goods are rival. Nevertheless, many private goods are shared, e.g., through barter, through co-ownership, or simply because one person’s consumption affects another person’s wellbeing. We analyze consumption externalities from the perspective of club theory, and argue that, provided consumption externalities are limited in scope, they can be internalized through membership fees to groups. Our main applications are to rental markets and “purchase clubs” in which members share the goods that they have individually purchased.

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File URL: http://www.econ.ku.dk/wpa/pink/2003/0325.pdf
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 03-25.

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Length: 33 pages
Date of creation: Jan 2002
Date of revision: May 2003
Handle: RePEc:kud:kuiedp:0325

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  1. Bakos, Yannis & Brynjolfsson, Erik & Lichtman, Douglas, 1999. "Shared Information Goods," Journal of Law & Economics, University of Chicago Press, vol. 42(1), pages 117-55, April.
  2. Gersbach, Hans & Haller, Hans, 2001. "Collective Decisions and Competitive Markets," Review of Economic Studies, Blackwell Publishing, vol. 68(2), pages 347-68, April.
  3. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William Zame, 1999. "The Organization of Production, Consumption, and Learning," Discussion Papers 03-23, University of Copenhagen. Department of Economics, revised Jun 2003. [Downloadable!]
  4. Ellickson, Bryan & Grodal, Birgit & Scotchmer, Suzanne & Zame, William R., 2001. "Clubs and the Market: Large Finite Economies," Journal of Economic Theory, Elsevier, vol. 101(1), pages 40-77, November. [Downloadable!] (restricted)
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  5. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market," Econometrica, Econometric Society, vol. 67(5), pages 1185-1218, September.
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  6. Besen, Stanley M & Kirby, Sheila Nataraj, 1989. "Private Copying, Appropriability, and Optimal Copying Royalties," Journal of Law & Economics, University of Chicago Press, vol. 32(2), pages 255-80, October.
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