Values of Non-Differentiable Markets with a Continuum of Traders
The main result is that in perfectly competitive markets, every value
allocation is competitive. The model used is that of a non-atomic
continuum of traders,
both in a Walrasian and in a transferable utility (monetary) market.
No differentiability assumptions are made. The problems of the existence of
the value and of the converse to the above result (i.e., that every
competitive allocation is also a value allocation) are also studied.
- Journal of Mathematical Economics 4 (1977), 2, 103-116
Game and Economic Theory,
Sergiu Hart and Abraham Neyman (editors),
The University of Michigan Press (1995), 321-334