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Clubs and the Market

Author

Listed:
  • Bryan Ellickson
  • Birgit Grodal
  • Suzanne Scotchmer
  • William R Zame

Abstract

This paper defines a general eqilibrium model with exchange and club formation. Agents trade multiple private goods widely in the market, can belong to several clubs, and care about the characteristics of the other members of their clubs. The space of agents is a continuum, but clubs are finite. It is shown that (i) competitive equilibria exist, and (ii) the core coincides with the set of equilibrium states. The central subtlety is in modeling club memberships and expressing the notion that membership choices are consistent across the population.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R Zame, 2003. "Clubs and the Market," Levine's Working Paper Archive 618897000000000754, David K. Levine.
    • Handle: RePEc:cla:levarc:618897000000000754
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    File URL: http://www.dklevine.com/users/levucla/ellickson-et-al-clubs.pdf
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    Other versions of this item:

    • Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market," Econometrica, Econometric Society, vol. 67(5), pages 1185-1218, September.

    More about this item

    JEL classification:

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

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