Limit search to available items
Book Cover
Author Starr, Ross M

Title General equilibrium theory : an introduction / Ross M. Starr
Edition 2nd ed
Published New York : Cambridge University Press, 2011


Description 1 online resource (xxix, 348 pages) : illustrations
Contents Concept and history of general equilibrium theory -- An elementary general equilibrium model: the Robinson Crusoe economy -- The Edgeworth box -- Integrating production and multiple consumption decisions: A2 x 2 x 2 model -- Existence of general equilibrium in an economy with an excess demand function -- Logic and set theory -- RN: real N-dimensional Euclidean space -- Convex sets, separation theorems, and nonconvex sets in RN -- The Brouwer fixed-point theorem -- Markets, prices, commodities, and mathematical economic theory -- Production with bounded-firm technology -- Households -- A market economy -- General equilibrium of the market economy with an excess demand function -- Theory of production: the unbounded technology case -- Households: the unbounded technology case -- A market economy: the unbounded technology case -- General equilibrium of the market economy: the unbounded technology case -- Pareto efficiency and competitive equilibrium -- Time and uncertainty: futures markets -- The core of a market economy -- Convergence of the core of a large economy -- Mathematics: analysis of point-to-set mappings -- General equilibrium of the market economy with an excess demand correspondence -- U-shaped cost curves and concentrated preferences -- Next steps
Summary "General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow-Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a 2-commodity 2-household 2-firm model. It gives a brief introduction to the mathematics used in the field (continuity, convexity, separation theorems, Brouwer fixed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progressively more general settings, including point-valued, set-valued, and non-convex set-valued demand and supply. Existence of general equilibrium, fundamental theorems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences"-- Provided by publisher
Bibliography Includes bibliographical references and index
Notes Print version record
Subject Equilibrium (Economics)
Economics, Mathematical.
BUSINESS & ECONOMICS -- Economics -- Theory.
Equilibre économique.
Doctrines économiques.
Modèles mathématiques.
Economics, Mathematical.
Equilibrium (Economics)
Form Electronic book
ISBN 9781139126847