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 of the equilibrium concepts. As a rule …

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 of the equilibrium concepts. As a rule …

characterization results are much more natural, given that agents have negligible influence over equilibrium prices. …

We present a variant of a general equilibrium model with group formation to study how changes of non … externalities increase, but none of the group members gains in equilibrium. Moreover, a member who experiences an increase of … positive emotional benefits in a group may become worse off in equilibrium. …

roughly mimicking relevant key features of the industrialized world shows that, at the general equilibrium, increased initial …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …