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Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes
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Allouch, Nizar and Wooders, Myrna Holtz (2008) Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes. Journal of Economic Theory, Vol.140 (No.1). pp. 246-278. doi:10.1016/j.jet.2007.07.006 ISSN 0022-0531.
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Official URL: http://dx.doi.org/10.1016/j.jet.2007.07.006
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. (c) 2007 Elsevier Inc. All rights reserved.
| Item Type: | Journal Article | ||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
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| Divisions: | Faculty of Social Sciences > Economics Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation |
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| Library of Congress Subject Headings (LCSH): | Pricing, Equilibrium (Economics) -- Mathematical models, Social networks, Edgeworth expansions, Clubs -- Accounting, Public goods -- Pricing -- Mathematical models | ||||
| Journal or Publication Title: | Journal of Economic Theory | ||||
| Publisher: | Academic Press | ||||
| ISSN: | 0022-0531 | ||||
| Official Date: | May 2008 | ||||
| Dates: |
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| Volume: | Vol.140 | ||||
| Number: | No.1 | ||||
| Number of Pages: | 33 | ||||
| Page Range: | pp. 246-278 | ||||
| DOI: | 10.1016/j.jet.2007.07.006 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| Description: | This paper originally appeared as University of Warwick Department of Economics Working Paper #639 (2002). The |
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| Version or Related Resource: | Allouch, N. and Wooders, M.H. (2002). Competitive pricing in socially networked economies. [Coventry] : University of Warwick, Economics Department. (Warwick economic research papers, no.639). http://wrap.warwick.ac.uk/id/eprint/1551 | ||||
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