This paper defines a general equilibrium model with exchange and club formation. Agents trade multiple private goods widely in the market, can belong to several clubs, and care about the characteristics of the other members of their clubs. The space of agents is a continuum, but clubs are...

Consider an economy with one public enterprise that is subject to a budgetary constraint and charges prices according to the first-order necessary conditions suggested by M. Boiteux (1956) or F. P. Ramsey (1927). The authors state conditions sufficient to ensure that the resulting allocation is...