Abstract
Perfect competition — that situation in which no individual has the ability to influence prices — has traditionally been regarded as requiring large number of traders. Aumann [4] gave mathematical precision to a model with large numbers by regarding the set of traders as a nonatomic measure space. He showed that such a model passed a test of competitiveness whose origins go back to Edgeworth [16]: the game-theoretic solution concept of the core coincides with the market-demand-equals-supply notion of Walrasian, price-taking equilibrium. Related results are contained in [12] and [22].
Research supported by the National Science Foundation.
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Gretsky, N.E., Ostroy, J.M. (1985). Thick and Thin Market Nonatomic Exchange Economies. In: Aliprantis, C.D., Burkinshaw, O., Rothman, N.J. (eds) Advances in Equilibrium Theory. Lecture Notes in Economics and Mathematical Systems, vol 244. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51602-3_6
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