Values of Non-differentiable Markets with a Continuum of Traders*

The main result is that in perfectly competitive markets, every value allocation is competitive. The model used is that of a non-atomic continuum of traders, both in a Walrasian and in a transferable utihty (monetary) market. No differentiability assumptions are made. The problems of existence of the value and of the converse to the above result (i.e., that every competitive allocation is a value allocation) are also studied.