Walrasian equilibrium in large, quasi-linear markets
, M. (),
, Glen () and
Alexander White
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, 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 (24)
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Persistent link: https://EconPapers.repec.org/RePEc:the:publsh:1060
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