An Application of Measure Theory to Perfect Competition

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Abstract
This talk was given by the first author as part of the Festschrift held in November, 1994 at the University of California, Riverside in honor of M.M. Rao’s 65th birthday. The work presented here is a complement to a much larger project; this paper constitutes an alternative approach to a problem discussed in (Gretsky, Ostroy, and Zame a). Other related material and background can be found in (Gretsky, Ostroy, and Zame 1992; Gretsky, Ostroy, and Zame b). Since one of Professor Rao’s influences was to instill in his students a love of vector measures, the purpose of this talk is to show how a measure theoretic approach allows an appropriate description of non-manipulation in very large economies and to give a sample result.

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