Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jan, 1964, Volume 32, Issue 1
https://doi.org/0012-9682(196401/04)32:1/2<39:MWACOT>2.0.CO;2-6
p. 39-50
Robert J. Aumann
It is suggested that the most natural mathematical model for a market with "perfect competition" is one in which there is a continuum of traders (like the continuum of points on a line). It is shown that the core of such a market coincides with the set of its "equilibrium allocations," i.e., allocations which constitute a competitive equilibrium when combined with an appropriate price structure.
June 30, 2023
