Download This PaperFirms as Clubs in Walrasian Markets with Private Information: Technical Appendix
19 Pages Posted: 6 Dec 2012
Date Written: November 1, 2005
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.
Keywords: competitive equilibrium, clubs, private information
JEL Classification: D51, D71, D82, L11
Suggested Citation: Suggested Citation
Prescott, Edward (Ned) Simpson and Townsend, Robert M., Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix (November 1, 2005). FRB Richmond Working Paper No. 05-11. Available at SSRN: https://ssrn.com/abstract=2185588 or http://dx.doi.org/10.2139/ssrn.2185588
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