The values of nonstandard exchange economies |
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| Authors: | Donald J Brown Peter A Loeb |
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| Institution: | (1) Cowles Foundation, Yale University, New Haven, USA;(2) Mathematics Department, Yale University, New Haven, USA;(3) University of Illinois, Urbana-Champaign, USA |
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| Abstract: | R. J. Aumann has stated and rigorously proved the value equivalence theorem for exchange economies with a non-atomic continuum
of traders. The analogous results is established here for nonstandard exchange economies using Abraham Robinson’s calculus
of infinitesimals. The proof is patterned after a short heuristic argument given by Aumann.
The research in this paper was supported in part by the National Science Foundation and the Ford Foundation. |
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