A "Tragedy of the Clubs": Excess Entry in Exclusive Coalitions
We model club formation as a noncooperative game of coalition formation and surplus division. We show how social norms and individual rationality sustain a particular type of collective inefficiency, namely, excessive entry in the joint production and exploitation of an excludable good. We term this phenomenon the "tragedy of the clubs." The tragedy of the clubs is a pervasive equilibrium phenomenon. Copyright 2002 by Blackwell Publishing Inc.
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Volume (Year): 4 (2002)
Issue (Month): 1 ()
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