Walrasian equilibrium in large, quasi-linear markets

Eduardo M. Azevedo, E. Glen Weyl, Alexander White

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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Year of publication:	May 2013
Authors:	Azevedo, Eduardo M. ; Weyl, E. Glen ; White, Alexander
Published in:	Theoretical economics : TE ; an open access journal in economic theory. - Toronto : [Verlag nicht ermittelbar], ISSN 1555-7561, ZDB-ID 2220447-7. - Vol. 8.2013, 2, p. 281-290
Subject:	Walrasian equilibrium \| quasilinear utility \| indivisible goods \| continuum economies \| complementary preferences \| Allgemeines Gleichgewicht \| General equilibrium \| Präferenztheorie \| Theory of preferences

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.3982/TE1060 [DOI] hdl:10419/150192 [Handle]
Classification:	D51 - Exchange and Production Economies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011686904