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Clubs and the Market: Large Finite Economies

Author

Listed:
  • 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)

Abstract

We study large finite club economies in which agents can belong to several clubs, and care about the characteristics of the other club members. Club memberships must be integer consistent in aggregate. We show that states in the approximate core can approximately be decentralized by prices for private goods and for club memberships, that the approximate core is nonempty, and that approximate club equilibria exist. Our arguments use the convexification tools used for private goods economies, but we also develop a new tool to address the consistency requirement on memberships that are special to club economies. This tool allows us to overcome the integer consistency problems that are avoided in our (1999) paper by assuming a continuum of agents.

Suggested Citation

  • Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market: Large Finite Economies," Discussion Papers 99-05, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9905
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    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • H4 - Public Economics - - Publicly Provided Goods

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