Walrasian equilibrium in large, quasi-linear markets

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.

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Year of publication:	2013
Authors:	Weyl, E. Glen ; White, Alexander ; Azevedo, Eduardo M.
Published in:	Theoretical Economics. - New Haven, CT : The Econometric Society, ISSN 1555-7561. - Vol. 8.2013, 2, p. 281-290
Publisher:	New Haven, CT : The Econometric Society
Subject:	Walrasian equilibrium \| quasilinear utility \| indivisible goods \| continuum economies \| complementary preferences

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	10.3982/TE1060 [DOI] 894209019 [GVK] hdl:10419/150192 [Handle] RePEc:the:publsh:1060 [RePEc]
Classification:	D51 - Exchange and Production Economies
Source:	EconStor

Persistent link: https://www.econbiz.de/10011599483