| Description |
1 online resource (xi, 272 pages) : illustrations |
| Series |
Series on mathematical economics and game theory ; v. 4 |
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Series on mathematical economics and game theory ; v. 4.
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| Contents |
1. Introduction. 1.1. From the 19th century to the 1940s. 1.2. After the 1950s; existence of equilibrium and core limit theorem. 1.3. The local uniqueness and stability of equilibria. 1.4. Markets with a continuum of traders. 1.5. Increasing returns and monopolistic competition. 1.6. Markets with infinitely many commodities. 1.7. The organization of the book. 1.8. Notes -- 2. Classical exchange economies. 2.1. Commodities and markets. 2.2. The preference of a consumer. 2.3. The demand of a consumer. 2.4. The demand theory. 2.5. Competitive equilibria of a classical exchange economy. 2.6. A limit theorem of the core of a classical exchange economy. 2.7. Nash equilibria and the core of games. 2.8. The local uniqueness of equilibria. 2.9. Notes -- 3. Economies with a continuum of traders. 3.1. Markets with a measure space of consumers. 3.2. Spaces of preferences. 3.3. Existence of competitive equilibria. 3.4. The equivalence of the core and equilibria. 3.5. Exchange economies with a non-convex consumption set. 3.6. Production economies with a non-convex consumption set. 3.7. On the law of demand. 3.8. Notes -- 4. Production economies with increasing returns. 4.1. Classical production economies with competitive firms. 4.2. Core of an economy with increasing returns. 4.3. Production economies with external increasing returns. 4.4. Pareto optimality and tax policies. 4.5. Notes -- 5. Economies with infinitely many commodities. 5.1. Markets with infinitely many commodities. 5.2. Exchange economies with infinite time horizon. 5.3. Exchange economies with differentiated commodities. 5.4. Exchange economies on a general Banach space. 5.5. Infinite time horizon economies with external increasing returns. 5.6. On the differentiability of demand. 5.7. Notes -- 6. Economies with monopolistically competitive firms. 6.1. Monopolistically competitive markets. 6.2. Existence of equilibria with pricing rules. 6.3. Monopolistically competitive equilibria under convex technologies. 6.4. Monopolistically competitive equilibria with fixed costs. 6.5. Notes |
| Summary |
The scope of the general equilibrium (GE) theory has so far been limited to the Walrasian tradition. Indeed, the theories of competitive equilibria and the core are nothing but the modern mathematical analysis of the economic ideas due to Walras, Edgeworth and Pareto. Consequently, recent books in this field are inclined to be heavily technical and mathematical. On the other hand, the modern GE theory has not completed the study of increasing returns and monopolistic competition, which belong to the alternative important stream of economic thought, namely the Marshallian tradition. This book aims to fill this gap, by proving the existence of a competitive equilibrium with increasing returns coming from externalities in a dynamic economy and a monopolistically competitive equilibrium with the technologies exhibiting increasing returns coming from a large set-up cost. Also intended as a basic graduate textbook on GE theory, it contains all the basic results and mathematical techniques in this field, such as measure theory, manifold theory and Banach space theory. A unique feature of the book compared to classical monographs on GE is its emphasis on the historical nature of the subject, and not only the mathematical nature. Students are expected to learn that those mathematically formidable techniques are indeed necessary for tackling many economic problems which have been significant not only in the mathematical or technical context, but also in the historical and traditional context |
| Bibliography |
Includes bibliographical references (pages 263-268) and index |
| Notes |
Print version record |
| Subject |
Equilibrium (Economics) -- Mathematical models
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BUSINESS & ECONOMICS -- Economics -- Theory.
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Equilibrium (Economics) -- Mathematical models
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Economic Theory.
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Business & Economics.
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| Form |
Electronic book
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| Author |
World Scientific (Firm)
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| ISBN |
9789812833327 |
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9812833323 |
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