Markets with many more agents than commodities Aumann's ``hidden'' assumption (Q5956281): Difference between revisions

Having Aumann's hidden assumption (more agents than commodities) of his existence theorems for equilibria in mind it is shown, that for an arbitrary atomless measure space of agents there is a fixed non-separable infinite dimensional commodity space in which one can construct an economy that satisfies all standard assumptions but which has no equilibrium, a core allocation that is not Walrasian, and a Pareto efficient allocation that is not a valuation equilibrium. The background of these results is carefully analyzed and several links to related results and problems (also in finite dimensional spaces) are given.