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Clubs and the Market: Continuum Economies

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Author Info
Bryan Ellickson and Birgit Grodal, Suzanne Scotchmer, and William R. Zame.

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Abstract

This 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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File URL: http://econwpa.wustl.edu/eprints/mic/papers/9802/9802002.abs
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Publisher Info
Paper provided by University of California at Berkeley in its series Economics Working Papers with number 97-254.

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Date of creation: 01 Apr 1997
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Handle: RePEc:ucb:calbwp:97-254

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Engl, Greg & Scotchmer, Suzanne, 1996. "The core and the hedonic core: Equivalence and comparative statics," Journal of Mathematical Economics, Elsevier, vol. 26(2), pages 209-248. [Downloadable!] (restricted)
  2. Schmeidler, David, 1969. "Competitive Equilibria in Markets with a Continuum of Traders and Incomplete Preferences," Econometrica, Econometric Society, vol. 37(4), pages 578-85, October. [Downloadable!] (restricted)
  3. Suzanne Scotchmer, 1985. "Two-Tier Pricing of Shared Facilities in a Free-Entry Equilibrium," RAND Journal of Economics, The RAND Corporation, vol. 16(4), pages 456-472, Winter. [Downloadable!] (restricted)
  4. Berglas, Eitan & Pines, David, 1981. "Clubs, local public goods and transportation models : A synthesis," Journal of Public Economics, Elsevier, vol. 15(2), pages 141-162, April. [Downloadable!] (restricted)
  5. Pines, David, 1991. "Tiebout without politics," Regional Science and Urban Economics, Elsevier, vol. 21(3), pages 469-489, November. [Downloadable!] (restricted)
  6. Scotchmer, Suzanne & Wooders, Myrna Holtz, 1987. "Competitive equilibrium and the core in club economies with anonymous crowding," Journal of Public Economics, Elsevier, vol. 34(2), pages 159-173, November. [Downloadable!] (restricted)
  7. Greg Engl & Suzanne Scotchmer, 1997. "The law of supply in games, markets and matching models (*)," Economic Theory, Springer, vol. 9(3), pages 539-550.
  8. Suzanne Scotchmer and Greg Engl., 1992. "The Core and the Hedonic Core: Equivalence and Comparative Statics," Economics Working Papers 92-197, University of California at Berkeley.
  9. Bewley, Truman F, 1981. "A Critique of Tiebout's Theory of Local Public Expenditures," Econometrica, Econometric Society, vol. 49(3), pages 713-40, May. [Downloadable!] (restricted)
  10. Scotchmer, Suzanne, 1996. "Externality pricing in club economies," Ricerche Economiche, Elsevier, vol. 50(4), pages 347-366, December. [Downloadable!] (restricted)
  11. Bryan Ellickson and Birgit Grodal, Suzanne Scotchmer, and William R.Zame., 1997. "Clubs and the Market: Large Finite Economies," Economics Working Papers 97-255, University of California at Berkeley.
    Other versions:
  12. Gilles, Robert P. & Scotchmer, Suzanne, 1997. "Decentralization in Replicated Club Economies with Multiple Private Goods," Journal of Economic Theory, Elsevier, vol. 72(2), pages 363-387, February. [Downloadable!] (restricted)
  13. Suzanne Scotchmer., 1996. "Externality Pricing in Club Economies," Economics Working Papers 96-246, University of California at Berkeley. [Downloadable!]
  14. Conley, John P. & Wooders, Myrna H., 1997. "Equivalence of the Core and Competitive Equilibrium in a Tiebout Economy with Crowding Types," Journal of Urban Economics, Elsevier, vol. 41(3), pages 421-440, May. [Downloadable!] (restricted)
  15. Cole, Harold L. & Prescott, Edward C., 1997. "Valuation Equilibrium with Clubs," Journal of Economic Theory, Elsevier, vol. 74(1), pages 19-39, May. [Downloadable!] (restricted)
    Other versions:
  16. Gretsky, Neil E. & Ostroy, Joseph M. & Zame, William R., 1999. "Perfect Competition in the Continuous Assignment Model," Journal of Economic Theory, Elsevier, vol. 88(1), pages 60-118, September. [Downloadable!] (restricted)
  17. Ellickson, Bryan, 1979. "Competitive equilibrium with local public goods," Journal of Economic Theory, Elsevier, vol. 21(1), pages 46-61, August. [Downloadable!] (restricted)
  18. Boadway, Robin, 1982. "On the Method of Taxation and the Provision of Local Public Goods: Comment," American Economic Review, American Economic Association, vol. 72(4), pages 846-51, September. [Downloadable!] (restricted)
  19. Greenberg, Joseph & Weber, Shlomo, 1986. "Strong tiebout equilibrium under restricted preferences domain," Journal of Economic Theory, Elsevier, vol. 38(1), pages 101-117, February. [Downloadable!] (restricted)
  20. Ellickson, Bryan, 1973. "A Generalization of the Pure Theory of Public Goods," American Economic Review, American Economic Association, vol. 63(3), pages 417-32, June. [Downloadable!] (restricted)
  21. Wooders, Myrna Holtz, 1989. "A Tiebout theorem," Mathematical Social Sciences, Elsevier, vol. 18(1), pages 33-55, August. [Downloadable!] (restricted)
  22. Diamantaras, Dimitrios & Gilles, Robert P & Scotchmer, Suzanne, 1996. "Decentralization of Pareto Optima in Economies with Public Projects, Nonessential Private Goods and Convex Costs," Economic Theory, Springer, vol. 8(3), pages 555-64, October.
  23. Dimitrios Diamantaras & Robert P. Gilles, 1994. "The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core," Public Economics 9403001, EconWPA. [Downloadable!]
    Other versions:
  24. Berglas, Eitan & Pines, David, 1980. "Clubs as a case of competitive industry with goods of variable quality," Economics Letters, Elsevier, vol. 5(4), pages 363-366. [Downloadable!] (restricted)
  25. Scotchmer, Suzanne, 1985. "Profit-maximizing clubs," Journal of Public Economics, Elsevier, vol. 27(1), pages 25-45, June. [Downloadable!] (restricted)
  26. Greenberg, Joseph & Shitovitz, Benyamin, 1988. "Consistent voting rules for competitive local public goods economies," Journal of Economic Theory, Elsevier, vol. 46(2), pages 223-236, December. [Downloadable!] (restricted)
  27. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October. [Downloadable!] (restricted)
  28. Robert P. Gilles and Suzanne Scotchmer., 1995. "Decentralization in Replicated Club Economies with Multiple Private Goods," Economics Working Papers 95-243, University of California at Berkeley.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William Zame, 1997. "Clubs and the Market: Large Finite Economies," UCLA Economics Working Papers 766, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Harold L. Cole & George J. Mailath & Andrew Postlewaite, 1998. "Efficient non-contractible investments," Staff Report 253, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
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