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Thick and Thin Market Nonatomic Exchange Economies

  • Neil E. Gretsky
  • Joseph M. Ostroy
Conference paper
Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 244)

Abstract

Perfect competition — that situation in which no individual has the ability to influence prices — has traditionally been regarded as requiring large number of traders. Aumann [4] gave mathematical precision to a model with large numbers by regarding the set of traders as a nonatomic measure space. He showed that such a model passed a test of competitiveness whose origins go back to Edgeworth [16]: the game-theoretic solution concept of the core coincides with the market-demand-equals-supply notion of Walrasian, price-taking equilibrium. Related results are contained in [12] and [22].

Keywords

Bound Linear Operator Banach Lattice Vector Measure Weak Topology Convex Space 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1985

Authors and Affiliations

  • Neil E. Gretsky
    • 1
  • Joseph M. Ostroy
    • 2
  1. 1.Department of MathematicsUniversity of California at RiversideRiversideUSA
  2. 2.Department of EconomicsUniversity of California at Los AngelesLos AngelesUSA

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