This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Nonatomic Economies and the Boundaries of Perfect Competition

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Ostroy, Joseph M
Zame, William R

Additional information is available for the following registered author(s):

Abstract

The distinction between nonatomicity and thick markets as the source of perfect competition is examined. The authors construct a model of an imperfectly competitive economy with a nonatomic continuum of traders and a continuum of differentiated commodities for which Walrasian equilibria exist. The failure of perfect competition is identified in two ways: individuals can affect prices and the core is strictly larger than the set of Walrasian allocations. By contrast, it is shown that, when markets are physically or economically thick (or both), then individuals cannot typically affect prices and the core always coincides with the set of Walrasian allocations. Copyright 1994 by The Econometric Society.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://links.jstor.org/sici?sici=0012-9682%28199405%2962%3A3%3C593%3ANEATBO%3E2.0.CO%3B2-3&origin=repec
File Format: application/pdf
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 62 (1994)
Issue (Month): 3 (May)
Pages: 593-633
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ecm:emetrp:v:62:y:1994:i:3:p:593-633

Contact details of provider:
Phone: 1 212 998 3820
Fax: 1 212 995 4487
Email:
Web page: http://www.econometricsociety.org/
More information through EDIRC

Order Information:
Email:
Web: http://www.blackwellpublishing.com/memb.asp?ref=0012-9682

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Other versions of this item:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Zame, William R, 1987. "Competitive Equilibria in Production Economies with an Infinite-Dimensional Commodity Space," Econometrica, Econometric Society, vol. 55(5), pages 1075-1108, September. [Downloadable!] (restricted)
  2. Mas-Colell, Andreu, 1975. "A model of equilibrium with differentiated commodities," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 263-295. [Downloadable!] (restricted)
  3. Leo K. Simon and William R. Zame., 1987. "Discontinuous Games and Endogenous Sharing Rules," Economics Working Papers 8756, University of California at Berkeley.
    Other versions:
  4. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April. [Downloadable!] (restricted)
  5. Artstein, Zvi, 1979. "A note on fatou's lemma in several dimensions," Journal of Mathematical Economics, Elsevier, vol. 6(3), pages 277-282, December. [Downloadable!] (restricted)
  6. Donald J. Brown & Charalambos Aliprantis & Owen Burkinshaw, 1985. "Edgeworth Equilibria," Cowles Foundation Discussion Papers 756R, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
    • Aliprantis, Charalambos D & Brown, Donald J & Burkinshaw, Owen, 1987. "Edgeworth Equilibria," Econometrica, Econometric Society, vol. 55(5), pages 1109-37, September. [Downloadable!] (restricted)
  7. Yannelis, Nicholas C. & Zame, William R., 1986. "Equilibria in Banach lattices without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 85-110, April. [Downloadable!] (restricted)
  8. Novshek, William & Sonnenschein, Hugo, 1978. "Cournot and Walras equilibrium," Journal of Economic Theory, Elsevier, vol. 19(2), pages 223-266, December. [Downloadable!] (restricted)
  9. Jones, Larry E., 1983. "Existence of equilibria with infinitely many consumers and infinitely many commodities : A theorem based on models of commodity differentiation," Journal of Mathematical Economics, Elsevier, vol. 12(2), pages 119-138, October. [Downloadable!] (restricted)
  10. Bewley, Truman F, 1973. "The Equality of the Core and the Set of Equilibria in Economies with Infinitely Many Commodities and a Continuum of Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 383-94, June. [Downloadable!] (restricted)
  11. Mas-Colell, Andreu, 1986. "The Price Equilibrium Existence Problem in Topological Vector Lattice s," Econometrica, Econometric Society, vol. 54(5), pages 1039-53, September. [Downloadable!] (restricted)
  12. Ostroy, Joseph M, 1984. "A Reformulation of the Marginal Productivity Theory of Distribution," Econometrica, Econometric Society, vol. 52(3), pages 599-630, May. [Downloadable!] (restricted)
  13. Jones, Larry E, 1984. "A Competitive Model of Commodity Differentiation," Econometrica, Econometric Society, vol. 52(2), pages 507-30, March. [Downloadable!] (restricted)
    Other versions:
  14. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542. [Downloadable!]
  15. Gretsky, Neil E & Ostroy, Joseph M & Zame, William R, 1992. "The Nonatomic Assignment Model," Economic Theory, Springer, vol. 2(1), pages 103-27, January.
    Other versions:
  16. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June. [Downloadable!] (restricted)
  17. Hart, Oliver D, 1979. "Monopolistic Competition in a Large Economy with Differentiated Commodities," Review of Economic Studies, Blackwell Publishing, vol. 46(1), pages 1-30, January. [Downloadable!] (restricted)
  18. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Louis Makowski & Joseph M. Ostroy, 1991. "The Margin of Appropriation and an Extension of the First Theorem of Welfare Economists," UCLA Economics Working Papers 629, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Konrad Podczeck, 2003. "On Core-Walras Equivalence in Banach Spaces when Feasibility is defined by the Pettis Integral," Vienna Economics Papers 0403, University of Vienna, Department of Economics. [Downloadable!]
  3. Bernard Cornet & V. F. Martins-Da-Rocha, 2005. "Fatou¡¯S Lemma For Unbounded Gelfand Integrable Mappings," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200503, University of Kansas, Department of Economics, revised Feb 2005. [Downloadable!]
  4. Jose S. Penalva Zuasti, 2001. "Insurance with Frequency Trading: A Dynamic Analysis of Efficient Insurance Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(4), pages 790-822, October. [Downloadable!] (restricted)
    Other versions:
  5. Monteiro, Paulo Klinger & Araújo, Aloísio Pessoa de & Martins-da-Rocha, V. F., 2003. "Equilibria in security markets with a continuum of agents," Economics Working Papers (Ensaios Economicos da EPGE) 513, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  6. Konrad Podczeck, 2003. "Note on the Core-Walras Equivalence Problem when the Commodity Space is a Banach Lattice," Vienna Economics Papers 0307, University of Vienna, Department of Economics. [Downloadable!]
Statistics
Access and download statistics

Did you know? All RePEc services are meant to be be free forever, as they are all run by volunteers.

This page was last updated on 2009-11-12.


This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.