Walrasian equilibrium in large, quasi-linear markets
AbstractIn an economy with indivisible goods, a continuum of agents and quasilinear utility, we show that equilibrium exists regardless of the nature of agents' preferences over bundles. This contrasts with results for economies with a finite number of agents, which require restrictions on preferences (such as substitutability) to guarantee existence. When the distribution of preferences has full support, equilibrium prices are unique.
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Bibliographic InfoArticle provided by Econometric Society in its journal Theoretical Economics.
Volume (Year): 8 (2013)
Issue (Month): 2 (May)
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Web page: http://econtheory.org
Walrasian equilibrium; quasilinear utility; indivisible goods; continuum economies; complementary preferences;
Find related papers by JEL classification:
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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