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Large Economies

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  • Enrico Minelli

Abstract

In a series of three papers, published between 1964 and 1966, Robert Aumann proposed a model of an economy with an uncountable number of individuals and, without any convexity assumption, proved the existence of competitive equilibria and their coincidence with the core. These sharp results inspired many researchers to study the properties of large finite economies. In this paper, I review Aumann?s classic papers, and some of the many research paths that they generated. JEL Codes: A10, D41, D50.

Suggested Citation

  • Enrico Minelli, 2023. "Large Economies," Revue économique, Presses de Sciences-Po, vol. 74(4), pages 541-557.
    • Handle: RePEc:cai:recosp:reco_744_0541
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    More about this item

    Keywords

    perfect competition; general equilibrium;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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