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Working Papers

November 2005, No. 05-11

Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix

Edward S. Prescott and Robert Townsend

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.

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