Accession Number : AD0601263
Title : EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERS.
Corporate Author : RAND CORP SANTA MONICA CALIF
Personal Author(s) : Aumann,R.
Report Date : JUN 1964
Pagination or Media Count : 71
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)
Descriptors : (*COMMERCE, THEOREMS), MATHEMATICAL ANALYSIS, MATHEMATICAL MODELS, THEORY
Distribution Statement : APPROVED FOR PUBLIC RELEASE