Clubs and the Market
AbstractThis paper defines a general eqilibrium 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 InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 99-04.
Length: 44 pages
Date of creation: Aug 1999
Date of revision:
Publication status: Published in: Econometrica 67(5) 1999, 1185-1219
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clubs; continuum models; public goods; core; club equilibrium;
Other versions of this item:
- D2 - Microeconomics - - Production and Organizations
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- H4 - Public Economics - - Publicly Provided Goods
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