Walrasian equilibrium in large, quasi-linear markets

Eduardo M. Azevedo, E. Glen Weyl, Alexander White

In 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.

MoreLess

Year of publication:	May 2013
Authors:	Azevedo, Eduardo M. ; Weyl, E. Glen ; White, Alexander
Published in:	Theoretical economics : TE ; an open access journal in economic theory. - Toronto : [Verlag nicht ermittelbar], ISSN 1555-7561, ZDB-ID 2220447-7. - Vol. 8.2013, 2, p. 281-290
Subject:	Walrasian equilibrium \| quasilinear utility \| indivisible goods \| continuum economies \| complementary preferences \| Allgemeines Gleichgewicht \| General equilibrium \| Gleichgewichtstheorie \| Equilibrium theory \| Unteilbare Güter \| Indivisible goods \| Wohlfahrtsökonomik \| Welfare economics

freely available

Full text |

More access options

doi.org

onlinelibrary.wiley.com

Check Google Scholar

In libraries world-wide (WorldCat)

In German libraries (KVK)

subito order

I need help

Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.3982/TE1060 [DOI] hdl:10419/150192 [Handle]
Classification:	D51 - Exchange and Production Economies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011686904