Core and Equilibria of a Large Economy. (PSME-5)

The book explores the feasibility of decentralizing every allocation in an economy through an appropriately selected price system. Werner Hildenbrand argues that this is achievable in economies with numerous agents, where individual influence is minimal. He provides a comprehensive definition of such economies, examining scenarios with a continuum of agents and those with an increasing number of participants. This analysis culminates in a measure-theoretic approach to understanding economic equilibrium.