General Equilibrium Theory

General Equilibrium Theory : An Introduction

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Description

General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.show more

Product details

  • Electronic book text
  • CAMBRIDGE UNIVERSITY PRESS
  • Cambridge University Press (Virtual Publishing)
  • Cambridge, United Kingdom
  • English
  • 43 b/w illus.
  • 1139174746
  • 9781139174749

Review quote

'Ross Starr has performed a major service in preparing his introductory and yet fully self-contained textbook on general equilibrium theory. His graceful yet rigorous exposition will provide the student with a full coverage of the basic issues. The learning process is enhanced by the excellent and stimulating exercises.' Kenneth J. Arrow, Stanford University 'This slim volume contains all that a newcomer to general equilibrium theory can be expected to learn. The exposition is simple and clear without sacrifice of rigor.' Frank Hahn, University of Cambridge and University of Siennashow more

Table of contents

Part A. Getting Started: 1. Concepts and history of general equilibrium theory; 2. Mathematics; 3. Representation of commodities and prices; Part B. An Economy with Bounded Production Technology, Supply and Demand Functions: 4. Producers; 5. Households; 6. A market economy; 7. General equilibrium of the market economy with an excess demand function; Part C. An Economy with Unbounded Production Techbology, Supply and Demand Functions: 8. Theory of production with unbounded firm technologies; 9. Households: the unbounded technology case; 10. A market economy: the unbounded technology case; 11. General equilibrium of the market economy with unbounded technology and an excess demand function; Part D. Welfare Economics: 12. Pareto efficiency; Part E. Bargaining and Equilibrium: the Core: 13. The core of a market economy; 14. Convergence of the core; Part F. The Scope of Markets: 15. Time and uncertainty; Part G. An Economy with Supply and Demand Correspondences: 16. Mathematics of point set mappings; 17. General equilibrium of the market economy with an excess demand correspondence; Part H. Conclusion: 18. Summary and conclusion.show more