タイトル：Existence of Equilibrium in Economies with Indivisible Commodities and Savings
We consider a two-period exchange economy without uncertainty. Every commodity can be consumed only in integer amounts and there exists one financial asset whose trading unit is divisible. We prove the existence of an equilibrium if there exist a continuum of agents and if the distribution of agents’ initial holdings of the divisible asset is dispersed in the sense that the set of agents who initially have the same amount of the asset is negligible relative to the size of the entire economy. We also discuss the inefficiency and the real indeterminacy of equilibrium allocations in our economy.