Values of non-differentiable markets with a continuum of traders

Sergiu Hart*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

13 Scopus citations

Abstract

The main result is that in perfectly competitive markets, every value allocation is competitive. The model used is that of a non-atomic continuum of traders, both in a Walrasian and in a transferable utility (monetary) market. No differentiability assumptions are made. The problems of existence of the value and of the converse to the above result (i.e., that every competitive allocation is a value allocation) are also studied.

Original languageEnglish
Pages (from-to)103-116
Number of pages14
JournalJournal of Mathematical Economics
Volume4
Issue number2
DOIs
StatePublished - Aug 1977
Externally publishedYes

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