Clubs and the market

Article Abstract:

A general equilibrium model with exchange and club formation is defined. The characteristics of this model is that agents can trade multiple private goods widely in the market, care about the characteristics of other members of their clubs and can belong to several clubs. Clubs are finite while the space of agents is a continuum. The results showed that the core coincides with the set of equilibrium states and competitive equilibria exist. Modeling club memberships and expressing the notion that membership choices are consistent across the population is the central subtlety.

Economic aspects, Equilibrium (Economics), Clubs, Clubs (Associations)

---

Edgeworth's conjecture with infinitely many commodities: L

Article Abstract:

Equivalence core and the set of Walrasian allocations have been used as a basic test of perfect economic competition. A study of these tests used core convergence theorem models, such as those of Debreu-Scarf (1963), and Aumann's (1964) to establish the competitiveness of core allocations in economies with infinite dimensional space of commodities and large number of finite agents. Analyses showed that treating the various types of labor as elements of an infinite dimensional commodity space can demonstrate labor endowments of specific individuals are close substitutes.

Econometrics & Model Building, Analysis, Econometrics, Labor economics, Economies of scale, Economic lot size, Business models, Convergence (Mathematics), Demand functions (Economics), Demand functions

---

Similar abstracts:

• Abstracts: Economic factors and the stock market: a new perspective. Forecasting volatility in commodity markets. Assessing inefficiency in the S&P 500 futures market
• Abstracts: Bargaining set and anonymous core without the monotonicity assumption. Endogenous collateral
• Abstracts: Congestion pricing and capacity of large hub airports: a bottleneck model with stochastic queues. Proportional budgeting and decentralization
• Abstracts: Decomposition and characterization of risk with a continuum of random variables. Risk-sharing between and within families
• Abstracts: Asymptotic bias for quasi-maximum-likelihood estimators in conditional heteroskedasticity models

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.