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Markets with a Continuum of Traders

In: SELECTED CONTRIBUTIONS TO GAME THEORY

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  • Robert J. Aumann

Abstract

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.

Suggested Citation

  • Robert J. Aumann, 2025. "Markets with a Continuum of Traders," World Scientific Book Chapters, in: SELECTED CONTRIBUTIONS TO GAME THEORY, chapter 3, pages 55-71, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811222610_0003
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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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