Markets with many more agents than commodities Aumann's ``hidden'' assumption (Q5956281)
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scientific article; zbMATH DE number 1708990
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English | Markets with many more agents than commodities Aumann's ``hidden'' assumption |
scientific article; zbMATH DE number 1708990 |
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Markets with many more agents than commodities Aumann's ``hidden'' assumption (English)
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24 March 2003
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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.
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core equivalence
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non-separable commodity spaces
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atomless measure spaces of agents
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