Clubs and the Market: Large Finite Economies

Bryan Ellickson, Birgit Grodal, Suzanne Scotchmer and William Zame
Additional contact information
Bryan Ellickson: University of California, Los Angeles

No 99-05, Discussion Papers from University of Copenhagen. Department of Economics

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.

Keywords: clubs; e-cores; approximate equilibrium; decentralization (search for similar items in EconPapers)
JEL-codes: D2 D5 H4 (search for similar items in EconPapers)
Pages: 43 pages
Date: 1999-01
New Economics Papers: this item is included in nep-mic and nep-pbe
References: Add references at CitEc
Citations: View citations in EconPapers (47)

Published in: Journal of Econ Theory 101(1) 2001, 40-77

Downloads: (external link)
http://www.econ.ku.dk/english/research/publications/wp/1999/9905.pdf/ (application/pdf)

Related works:
Journal Article: Clubs and the Market: Large Finite Economies (2001)
Working Paper: clubs and the Market: Large Finite Economies (1997)
Working Paper: Clubs and the Market: Large Finite Economies (1997)
Working Paper: Clubs and the Market: Large Finite Economies (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9905

Access Statistics for this paper

More papers in Discussion Papers from University of Copenhagen. Department of Economics Oester Farimagsgade 5, Building 26, DK-1353 Copenhagen K., Denmark. Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Hoffmann ().