Firms as clubs in walrasian markets with private information

Firms as clubs in walrasian markets with private information

by Edward Simpson Prescott

Part of Working paper -- no. 05-11

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"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"--Federal Reserve Bank of Richmond web site.

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