Published April 13, 2012
| Version v1
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Walrasian equilibrium in large, quasi-linear markets
- 1. University of Pennsylvania
- 2. University of Chicago
- 3. Tsinghua University
Description
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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Additional details
Identifiers
- DOI
- 10.3982/TE1060
- Other
- oai:uchicago.tind.io:9554