Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes
Nizar Allouch and
Myrna Wooders ()
Journal of Economic Theory, 2008, vol. 140, issue 1, 246-278
We model an economy with clubs (or jurisdictions) where individuals may belong to multiple clubs and where clubs sizes are arbitrary--clubs may be restricted to consist of only one or two persons, or as large as the entire economy, or anything in-between. Notions of price-taking equilibrium and the core, both with communication costs, are introduced. These notions take into account that there is a small communication cost of deviating from a given outcome. We demonstrate that, given communication costs, for all sufficiently large economies the core is nonempty and the set of price-taking equilibrium outcomes is equivalent to the core.
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:140:y:2008:i:1:p:246-278
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