EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERS.
Abstract
It is well known, and easy to establish, that there exist markets that do not have competitive equilibria, provided the traders do not have convex preferences--that is, that the set of commodity bundles preferred or indifferent to a given bundle is not always convex. It is proved, nevertheless, that in a market consisting of a continuum of traders, each one individually insignificant, there is always a competitive equilibrium, even when the preferences are not convex. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 01, 1964
- Accession Number
- AD0601263
Entities
People
- R. Aumann
Organizations
- RAND Corporation