The Organization of Production, Consumption, and Learning

Bryan Ellickson, Birgit Grodal, Suzanne Scotchmer and William Zame
Additional contact information
Bryan Ellickson: Department of Economics, UCLA

No 03-23, Discussion Papers from University of Copenhagen. Department of Economics

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.

Pages: 47 pages
Date: 1999-12, Revised 2003-06
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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http://www.econ.ku.dk/english/research/publications/wp/2003/0323.pdf/ (application/pdf)

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Chapter: The Organization of Production, Consumption and Learning (2006)
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