General Equilibrium Theory An Introduction

ISBN-10: 0521533864

ISBN-13: 9780521533867

Edition: 2nd 2011 (Revised)

Authors: Ross M. Starr
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Description: 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 nonconvex 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.

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Book details

List price: $54.99
Edition: 2nd
Copyright year: 2011
Publisher: Cambridge University Press
Publication date: 4/25/2011
Binding: Paperback
Pages: 380
Size: 7.25" wide x 10.00" long x 1.00" tall
Weight: 1.496
Language: English

General Equilibrium Theory: Getting Acquainted
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: a 2 x 2 x 2 model
Existence of general equilibrium in an economy with an excess demand function
Mathematics
Logic and set theory
RN: real N-dimensional Euclidean space
Convex sets, separation theorems, and non-convex sets in RN
The Brouwer fixed point theorem
An Economy with Bounded Production Technology, Supply and Demand Functions
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
An Economy with Unbounded Production Technology, Supply and Demand Functions
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
Welfare Economics and the Scope of Markets
Pareto efficiency and competitive equilibrium
Time and uncertainty: futures markets
Bargaining and Equilibrium: The Core
The core of a market economy
Convergence of the core of a large economy
An Economy with Supply and Demand Correspondences
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
Standing on the Shoulders of Giants
Next steps
Summary and conclusion
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