Firms as clubs in Walrasian markets with private information : technical appendix
This paper proves the Welfare Theorems and the existence of a competitive equilibrium for the club economies with private information in Prescott and Townsend (2005). The proofs cover lottery economies with a finite number of goods and without free disposal. A mapping based on Negishi (1960) is used.
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- Edward Simpson Prescott & Robert M. Townsend, 2006.
"Firms as Clubs in Walrasian Markets with Private Information,"
Journal of Political Economy,
University of Chicago Press, vol. 114(4), pages 644-671, August.
- Edward Simpson Prescott & Robert M. Townsend, 2000. "Firms as clubs in Walrasian markets with private information," Working Paper 00-08, Federal Reserve Bank of Richmond.
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