Bertrand and Walras equilibria in large economies
成果类型：
Article
署名作者：
Funk, P
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1080
发表日期：
1995
页码：
436-466
关键词：
摘要：
This article studies the approximate Bertrand equilibria of a large but finite economy with Free entry for firms and small efficient scales. It establishes the equivalence of the set of regular Walras equilibria of a constant returns to scale limit economy and the set of limits of regular sequences of approximate Bertrand equilibria. This gives a foundation to the Walrasian hypothesis of perfect competition in explaining why firms behave as if they were price-takers and why they set prices that clear markets. (C) Academic Press. Inc.