Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix

19 Pages Posted: 6 Dec 2012

See all articles by Edward S. Prescott

Edward S. Prescott

Federal Reserve Banks - Federal Reserve Bank of Cleveland

Robert M. Townsend

MIT - Department of Economics

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

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

Edward (Ned) Simpson Prescott (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )

P.O. Box 6387
Cleveland, OH 44101
United States

HOME PAGE: http://https://www.clevelandfed.org/people-search?pid=f8ca941e-4b51-41f6-95f8-c87f1d3806e5

Robert M. Townsend

MIT - Department of Economics ( email )

Bldg. E52-252c
50 Memorial Drive
Cambridge, MA 02142
United States
617-452-3722 (Phone)
617-253-1330 (Fax)

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