We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Markets with infinitely many commodities and a continuum of agents with non-convex preferences.
- Authors
Podczeck, Konrad
- Abstract
Contrary to the finite dimensional set-up, the hypothesis of an atomless measure space of traders does not entail convexity of aggregate demand sets if there are infinitely many commodities. In this paper an assumption is introduced which sharpens the non-atomicity hypothesis by requiring that there are "many agents of every type." When this condition holds, aggregate demand in an infinite dimensional setting becomes convex even if individual preferences are non-convex. This result is applied to prove the existence of competitive equilibria in such a context.
- Subjects
ECONOMIC demand; COMMERCIAL products; COMPETITION; COMMERCIAL markets; ECONOMICS
- Publication
Economic Theory, 1997, Vol 9, Issue 3, p385
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/BF01213846