Walrasian equilibrium in large, quasi-linear markets

, M. (), , Glen () and Alexander White ()
Additional contact information
, M.: Wharton School, University of Pennsylvania
, Glen: Department of Economics, University of Chicago
Authors registered in the RePEc Author Service: Eric Glen Weyl () and Eduardo M. Azevedo

Theoretical Economics, 2013, vol. 8, issue 2

Abstract: 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.

Keywords: Walrasian equilibrium; quasilinear utility; indivisible goods; continuum economies; complementary preferences (search for similar items in EconPapers)
JEL-codes: D51 (search for similar items in EconPapers)
Date: 2013-05-17
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Citations: View citations in EconPapers (23)

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