Production Atomless Economies

Akira Yamazaki

No 25, Discussion Papers from Meisei University, School of Economics

Abstract: In order to formulate rigorously a perfect competition in markets R.J. Aumann introduced a mathematical model of an atomless exchange economy. W. Hildenbrand introduced a formulation of production economies into an atomless exchange economy. In its formulation each production unit has a positive measure. As a consequence, despite the fact that each production unit has influences over market prices, it takes prices as given. This paper introduces production units, each of which is atomless and naturally tied to atomless agents in the consumption sector, and a competitive equilibrium in such a production atomless economy is shown to exist.

Pages: 20 pages
Date: 2013-03
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