Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes

A-Tier
Journal: Journal of Economic Theory
Year: 2008
Volume: 140
Issue: 1
Pages: 246-278

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We model an economy with clubs (or jurisdictions) where individuals may belong to multiple clubs and where clubs sizes are arbitrary--clubs may be restricted to consist of only one or two persons, or as large as the entire economy, or anything in-between. Notions of price-taking equilibrium and the core, both with communication costs, are introduced. These notions take into account that there is a small communication cost of deviating from a given outcome. We demonstrate that, given communication costs, for all sufficiently large economies the core is nonempty and the set of price-taking equilibrium outcomes is equivalent to the core.

Technical Details

RePEc Handle
repec:eee:jetheo:v:140:y:2008:i:1:p:246-278
Journal Field
Theory
Author Count
2
Added to Database
2026-01-24