Clubs and the Market
构建了一个包含交换和俱乐部形成的一般均衡模型，证明竞争均衡存在且核心与均衡状态集一致，对研究俱乐部成员选择与市场交互的经济学者有参考价值。
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 finite. It is shown that (i) competitive equilibria exist, and (ii) the core coincides with the set of equilibrium states. The central subtlety is in modeling club memberships and expressing the notion that membership choices are consistent across the population.