Econometrica: Jan 1966, Volume 34, Issue 1
Existence of Competitive Equilibria in Markets with a Continuum of Traders
https://doi.org/0012-9682(196601)34:1<1:EOCEIM>2.0.CO;2-2
p.
1-17
Robert J. Aumann
An appropriate model for a market with many individually insignificant traders is one with a continuum of traders. Here it is proved that competitive equilibria exist in such markets, even though individual preferences may not be convex. Such a result is not true for markets with finitely many traders.Log In To View Full Content