Club theory and household formation
The relationship between our general equilibrium model with multi-member households and club models with multiple private goods is investigated. The main distinction in the definitions consists in the equilibrium concepts. As a rule, competitive equilibria among households where no group of consumers can benefit from forming a new household and valuation equilibria prove equivalent in the absence of consumption externalities, but not in their presence.
Year of publication: |
2010
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Authors: | Gersbach, Hans ; Haller, Hans |
Published in: |
Journal of Mathematical Economics. - Elsevier, ISSN 0304-4068. - Vol. 46.2010, 5, p. 715-724
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Publisher: |
Elsevier |
Keywords: | Household behavior Household formation General equilibrium Clubs |
Saved in:
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