Firms as clubs in Walrasian markets with private information: technical appendix
Edward Prescott () and
No 05-11, Working Paper from Federal Reserve Bank of Richmond
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.
Keywords: Welfare; Competition (search for similar items in EconPapers)
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