No-arbitrage condition and existence of equilibrium in asset markets with a continuum of traders

International audienceIn the present paper, we prove that a no-arbitrage condotion (à la Werner) is necessary and sufficient for the existence of an equilibrium with a continuum of traders and a finite of assets. As in Aumann (1966), Hildenbrand (1974) and Schmeidler (1969), preferences are not assume to be convex. We do not use Fatou's Lemma and do not assume that the consumption sets are compac