Edgeworth's Limit Theorem

Edgeworth's Limit Theorem

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Edgeworth's limit theorem is an economic theorem created by Francis Ysidro Edgeworth that examines a range of possible outcomes which may result from free market exchange or barter between groups of people. It shows that while the precise location of the final settlement (the ultimate division of goods) between the parties is indeterminate, there is a range of potential outcomes which shrinks as the number of traders increases.Francis Ysidro Edgeworth first described what later became known as the limit theorem in his book Mathematical Psychics (1881). He used a variant of what is now known as the Edgeworth box (with quantities traded, rather than quantities possessed, on the relevant axes) to analyse trade between groups of traders of various sizes. In general he found that 'Contract without competition is indeterminate, contract with perfect competition is perfectly determinate, [and] contract with more or less perfect competition is less or more indeterminate.'show more

Product details

  • Paperback | 72 pages
  • 152 x 229 x 4mm | 118g
  • Vadpress
  • United States
  • English
  • black & white illustrations
  • 6136203499
  • 9786136203492