In this paper, we show that, in markets with a continuum of traders and atoms, the set of Cournot-Walras equilibria and the set of Cournot equilibria may be disjoint. We show also that, when the preferences of the traders are represented by Cobb-Douglas utility functions, the set of...

In a model with a nonatomic continuum of traders some of which behave strategically while the others remain price-takers, the set of Cournot-Walras equilibria coincides with the set of Walras equilibria. This property is no longer valid when the strategic agents are represented by atoms.

This paper shows the robust non-existence of competitive equilibria even in a simple three period representative agent economy with dynamically inconsistent preferences. We distinguish between a sophisticated and naive representative agent. Even when underlying preferences are monotone and...