Walrasian equilibrium in large, quasilinear markets

  • Azevedo E
  • Weyl E
  • White A
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Abstract

In an economy with indivisible goods, a continuum of agents, and quasilinear utility, we show that equilibrium exists regardless of the nature of agents’ preferences over bundles. This contrasts with results for economies with a finite number of agents, which require restrictions on preferences (such as substitutability) to guarantee existence. When the distribution of preferences has full support, equilibrium prices are unique.

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Azevedo, E. M., Weyl, E. G., & White, A. (2013). Walrasian equilibrium in large, quasilinear markets. Theoretical Economics, 8(2), 281–290. https://doi.org/10.3982/te1060

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