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- W2009156860 abstract "This paper provides a new characterization of competitive equilibrium allocations based on the veto mechanism. The main theorem shows that, in pure exchange economies with a continuum of non-atomic agents, the competitive equilibria can be characterized by strengthening the veto power of the grand coalition, formed by all the agents in the economy. The welfare theorems are obtained as easy corollaries of our main result. Furthermore, in the case of finite economies, we show that the characterizations of the Walrasian equilibria based on the veto power of the grand coalition are particular cases of our main theorem." @default.
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- W2009156860 date "2008-07-01" @default.
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- W2009156860 title "Competitive equilibria and the grand coalition" @default.
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- W2009156860 doi "https://doi.org/10.1016/j.jmateco.2006.11.002" @default.
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