search query: @journal_id 23 / total: 102
reference: 88 / 102
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. |
SCIMA