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Markets with a Continuum of Traders
Robert J. Aumann
Vol. 32, No. 1/2 (Jan. - Apr., 1964), pp. 39-50
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1913732
Page Count: 12
You can always find the topics here!Topics: Commodities, Games, Economic theory, Economic models, Perfect competition, Mathematical theorems, Game theory, Budget allocation, Econometrics, Economic competition
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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.
Econometrica © 1964 The Econometric Society