Abstract It is shown that the distribution of agents' characteristics is a concise and accurate description of an economy as far as Walrasian equilibrium analysis for large economies is concerned: Let E be an exchange economy; W( E ), the set of Walras allocations for E ; and D W( E ), the set of distributions on the commodity space of the allocations in W( E ). It is shown that for two atomless economies E 1 and E 2 which have the same distribution of agents' characteristics, the sets D W( E 1) and D W( E 2) have the same closure. For every distribution μ of agents' characteristics is defined a standard representation E μ, and it is shown that D W( E μ) is closed. Further, the correspondence μ ↦ D W( E μ) is shown to be upper hemicontinuous.
[1]
R. Aumann.
Markets with a continuum of traders
,
1964
.
[2]
Werner Hildenbrand,et al.
On economies with many agents
,
1970
.
[3]
Yakar Kannai,et al.
CONTINUITY PROPERTIES OF THE CORE OF A MARKET (REVISED VERSION).
,
1970
.
[4]
Robert J. Aumann,et al.
EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERS
,
2020,
Classics in Game Theory.
[5]
Michel Loève,et al.
Probability Theory I
,
1977
.
[6]
Sergiu Hart,et al.
Equally distributed correspondences
,
1974
.
[7]
W. Hildenbrand.
Core and Equilibria of a Large Economy.
,
1974
.