Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix
19 Pages Posted: 6 Dec 2012
Date Written: November 1, 2005
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.
Keywords: competitive equilibrium, clubs, private information
JEL Classification: D51, D71, D82, L11
Suggested Citation: Suggested Citation