Large Economies

Enrico Minelli

Revue économique, 2023, vol. 74, issue 4, 541-557

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.

Keywords: perfect competition; general equilibrium (search for similar items in EconPapers)
JEL-codes: A10 D41 D50 (search for similar items in EconPapers)
Date: 2023
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