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Firms as clubs in Walrasian markets with private information : technical appendix

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  • Edward Simpson Prescott
  • Robert M. Townsend

Abstract

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.

Suggested Citation

  • Edward Simpson Prescott & Robert M. Townsend, 2005. "Firms as clubs in Walrasian markets with private information : technical appendix," Working Paper 05-11, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:05-11
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    References listed on IDEAS

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    1. Edward Simpson Prescott & Robert M. Townsend, 2006. "Firms as Clubs in Walrasian Markets with Private Information," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 644-671, August.
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    Cited by:

    1. Anil K. Jain & Robert M. Townsend, 2020. "The Economics of Platforms in a Walrasian Framework," International Finance Discussion Papers 1280, Board of Governors of the Federal Reserve System (U.S.).
    2. Kilenthong, Weerachart & Townsend, Robert, 2007. "Market Based, Segregated Exchanges with Default Risk," MPRA Paper 20724, University Library of Munich, Germany, revised 12 Nov 2009.
    3. Weerachart T. Kilenthong & Robert M. Townsend, 2021. "A Market-Based Solution for Fire Sales and Other Pecuniary Externalities," Journal of Political Economy, University of Chicago Press, vol. 129(4), pages 981-1010.
    4. Weerachart T. Kilenthong & Robert M. Townsend, 2021. "A Market-Based Solution for Fire Sales and Other Pecuniary Externalities," Journal of Political Economy, University of Chicago Press, vol. 129(4), pages 981-1010.
    5. Anil K. Jain & Robert M. Townsend, 2021. "The economics of platforms in a Walrasian framework," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 877-924, April.

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    Keywords

    Welfare; Competition;

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