No‐arbitrage condition and existence of equilibrium in asset markets with a continuum of traders

Cuong Le van and François Magnien

International Journal of Economic Theory, 2005, vol. 1, issue 1, 43-55

Abstract: In the present paper, we prove that a no‐arbitrage condition (à la Werner) is necessary and sufficient for the existence of an equilibrium with a continuum of traders and a finite number of assets. As in Aumann (1966), Hildenbrand (1974) and Schmeidler (1969), preferences are not assumed to be convex. We do not use Fatou's Lemma and do not assume that the consumption sets are compact.

Date: 2005
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https://doi.org/10.1111/j.1742-7363.2005.00004.x

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Working Paper: No-arbitrage condition and existence of equilibrium in asset markets with a continuum of traders (2005)
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