TY - JOUR
T1 - Values of non-differentiable markets with a continuum of traders
AU - Hart, Sergiu
PY - 1977/8
Y1 - 1977/8
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=0011465629&partnerID=8YFLogxK
U2 - 10.1016/0304-4068(77)90001-5
DO - 10.1016/0304-4068(77)90001-5
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AN - SCOPUS:0011465629
SN - 0304-4068
VL - 4
SP - 103
EP - 116
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
IS - 2
ER -