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| Author: | Ostroy, J. Zame, W. |
| Title: | Nonatomic economies and the boundaries of perfect competition |
| Journal: | Econometrica
1994 : MAY, VOL. 62:2, p. 593-634 |
| Index terms: | MARKETS ECONOMICS EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | This paper explores the distinction between nonatomicity and thick markets as the source of perfect competition. The focus of the paper is the construction of a model of an imperfectly competitive economy with a nonatomic continuum of traders and a continuum of differentiated commodities, for which Walrasian equilibria exist. The failure of perfect competition in this instance can be identified in two ways: individuals can affect prices and the core is strictly larger than the set of Walrasian allocations. |
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