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

From MaRDI portal
Revision as of 23:48, 4 March 2024 by Import240304020342 (talk | contribs) (Set profile property.)
scientific article; zbMATH DE number 1708990
Language Label Description Also known as
English
Markets with many more agents than commodities Aumann's ``hidden'' assumption
scientific article; zbMATH DE number 1708990

    Statements

    Markets with many more agents than commodities Aumann's ``hidden'' assumption (English)
    0 references
    0 references
    0 references
    24 March 2003
    0 references
    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.
    0 references
    core equivalence
    0 references
    non-separable commodity spaces
    0 references
    atomless measure spaces of agents
    0 references

    Identifiers

    0 references
    0 references
    0 references
    0 references
    0 references