1964/01/01 by Robert J. Aumann · 1,227 citations
Economics, Econometrics and Finance · Decision Sciences · #Economic theories and models #Complex Systems and Time Series Analysis #Game Theory and Applications #Economics #Financial economics
paper · doi:10.2307/1913732
published in Econometrica 32(1/2), 39 (Wiley)
openalex publication_date 1964/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/29
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 allocations, i.e., allocations which constitute a competitive equilibrium when combined with an appropriate price structure.