Méndez Naya, Luciano2026-04-202026-04-202026-03-10Naya, L.M. (2026). Competitive equilibrium and indivisibles. International Review of Economics, 73:11. https://doi.org/10.1007/s12232-026-00524-2https://hdl.handle.net/10347/46823This paper studies the existence of competitive equilibrium in markets with indivisibles. The basis of the paper is a theorem that relates the existence of equilibrium to the core of certain associated cooperative games. From this result, we obtain a significant improvement on a classical result in this literature. We then characterize the existence of equilibrium in a two-agent three-good economy, showing that, in this particular context, the existence of equilibrium is more likely when goods are complements than when they are substitutes.engThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licen ses/by/4.0/.Attribution 4.0 Internationalhttp://creativecommons.org/licenses/by/4.0/Competitive equilibriumIndivisiblesCooperative gamesjournal article10.1007/s12232-026-00524-21863-4613open access