Markets with a Continuum of Traders

Robert J. Aumann

Chapter 3 in Selected Contributions to Game Theory, 2025, pp 55-71 from World Scientific Publishing Co. Pte. Ltd.

Abstract: It is suggested that the most natural mathematical model for a market with “perfect competition” is one in which there is a continuum of traders (like the continuum of points on a line). It is shown that the core of such a market coincides with the set of its “equilibrium allocations,” i.e., allocations which constitute a competitive equilibrium when combined with an appropriate price structure.

Keywords: Economics; Economic Theory; Game Theory (search for similar items in EconPapers)
JEL-codes: C7 C70 (search for similar items in EconPapers)
Date: 2025
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