Title: Firms as clubs in walrasian markets with private information
Description: "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.
Subjects: Equilibrium (Economics), Industrial organization (Economic theory)