Walrasian equilibrium in large, quasilinear markets | Zendy

Azevedo Eduardo M. | Zendy; Weyl E. Glen | Zendy; White Alexander | Zendy

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Walrasian equilibrium in large, quasilinear markets

Author(s) -

Azevedo Eduardo M.,

Weyl E. Glen,

White Alexander

Publication year - 2013

Publication title -

theoretical economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 4.404

H-Index - 32

eISSN - 1555-7561

pISSN - 1933-6837

DOI - 10.3982/te1060

Subject(s) - economics , mathematical economics , general equilibrium theory , microeconomics , distribution (mathematics) , mathematics , mathematical analysis

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.

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