Econometrica Vol. 34 No. 1 1966
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)
- DOI
- 10.2307/1909854
- Volume
- 34
- Issue
- 1
- Pages
- 1
- Sources
- crossref openalex