1966/01/01 by Robert J. Aumann · 498 citations
Economics, Econometrics and Finance · Decision Sciences · #Economic theories and models #Game Theory and Applications #Economics #Mathematical economics #Microeconomics
paper · doi:10.2307/1909854
published in Econometrica 34(1), 1 (Wiley)
openalex publication_date 1966/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/08
Abstract : It is well known, and easy to establish, that there exist markets that do not have competitive equilibria, provided the traders do not have convex preferences--that is, that the set of commodity bundles preferred or indifferent to a given bundle is not always convex. It is proved, nevertheless, that in a market consisting of a continuum of traders, each one individually insignificant, there is always a competitive equilibrium, even when the preferences are not convex. (Author)