Bryan Ellickson (University of California, Los Angeles) Birgit Grodal (Institute of Economics, University of Copenhagen) Suzanne Scotchmer (University of California, Berkeley) William R. Zame (University of California, Los Angeles)
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This 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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Paper 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 Handle: RePEc:kud:kuiedp:9904
Find related papers by JEL classification: D2 - Microeconomics - - Production and Organizations D5 - Microeconomics - - General Equilibrium and Disequilibrium H4 - Public Economics - - Publicly Provided Goods
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