Valuation equilibrium with clubs

Harold L. Cole, Edward C. Prescott

Research output: Contribution to journalArticle

50 Scopus citations

Abstract

This paper considers model worlds in which there is a continuum of individuals who form finite-sized associations to undertake joint activities. We show how, through a suitable choice of commodity space, restrictions on the composition of feasible groups can be incorporated into the specification of the consumption and production sets of the economy. We also show that if there are a finite number of types, then the classical results from the competitive analysis of convex finite-agent economies can be reinterpreted to apply.Journal of Economic LiteratureClassification Numbers: D51, H41.

Original languageEnglish (US)
Pages (from-to)19-39
Number of pages21
JournalJournal of Economic Theory
Volume74
Issue number1
DOIs
StatePublished - May 1 1997
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics

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