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The Organization of Production, Consumption, and Learning

Author

Listed:
  • Bryan Ellickson

    (Department of Economics, UCLA)

  • Birgit Grodal

    (Institute of Economics, University of Copenhagen)

  • Suzanne Scotchmer

    (Department of Economics and GSPP, University of California, Berkeley)

  • William Zame

    (Department of Economics, UCLA)

Abstract

This paper provides an extension of general equilibrium theory that incorporates the actions of individuals both as demanders and suppliers of goods and as members of firms, schools, social groups, and contractual relationships. The central notion of the paper is a group: a collection of individuals associated with one another for some purpose. The model takes as primitive an exogenous set of group types, interpretable as (potential) firms, schools, social groups, contracts etc. The types of schools and firms that materialize in equilibrium, as well as the way that agents acquire skills, are determined endogenously in a competitive market, as are the contracts they enter into, and the production and consumption of private commodities. The model is well-founded (equilibrium exists) and passes a basic test of perfect competition (coincidence of the core with the set of equilibrium states). Examples and Applications illustrate the flexibility and power of the framework.

Suggested Citation

  • Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William Zame, 1999. "The Organization of Production, Consumption, and Learning," Discussion Papers 03-23, University of Copenhagen. Department of Economics, revised Jun 2003.
  • Handle: RePEc:kud:kuiedp:0323
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2003/0323.pdf/
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    References listed on IDEAS

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    1. Ellickson, Bryan & Grodal, Birgit & Scotchmer, Suzanne & Zame, William R., 2001. "Clubs and the Market: Large Finite Economies," Journal of Economic Theory, Elsevier, vol. 101(1), pages 40-77, November.
    2. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market," Econometrica, Econometric Society, vol. 67(5), pages 1185-1218, September.
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    Cited by:

    1. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Core equivalence theorem with production," Journal of Economic Theory, Elsevier, vol. 137(1), pages 246-270, November.
    2. Jaime Luque, 2014. "Wages, local amenities and the rise of the multi-skilled city," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 52(2), pages 457-467, March.

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