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