----------------- HES POSTING ----------------- I believe that since Robert Aumann's paper of 35 years ago, the term "perfect competition" has also been thought to assume a continuum of traders, a very strong assumption indeed, but not one that has anything to do with the knowledge issue, per se. Barkley Rosser ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]