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Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu

Af: Mukul Majumdar Engelsk Paperback
SPAR
kr 85

Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu

Af: Mukul Majumdar Engelsk Paperback

One of the fundamental themes in economic theory is the study of the role of prices in achieving an optimal allocation of resources in a competitive, decentralized economy.

The book begins with a review of the basic results on the rigorous elaboration of the Walras-Pareto theory (following the lead of Arrow and Debreu) in the context of a static economy with many agents. It summarizes some subsequent research in which the limits of the price-mechanism as a successful coordination device are recognized. When economic activity is allowed with no pre-assigned terminal period, the two fundamental theorems linking competitive equilibrium allocations to Pareto optimality are challenged and the question of decentralization is carefully re-examined. With incomplete markets, and sequential trading, the concept of a Radner equilibrium is next introduced, and some of the striking properties of this are summarized. In a large economy with random shocks to preferences and/or endowments of individual agents, the implications of the celebrated laws of probability theory are explored.

This book provides a clear and comprehensive analysis of the efficiency properties of general equilibrium, with many agents and an expanded list of commodities. It will be of particular interest to postgraduate and doctorate students of economic theory as well as scholars on Walrasian equilibrium, Pareto optimality and uncertainty theories.

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One of the fundamental themes in economic theory is the study of the role of prices in achieving an optimal allocation of resources in a competitive, decentralized economy.

The book begins with a review of the basic results on the rigorous elaboration of the Walras-Pareto theory (following the lead of Arrow and Debreu) in the context of a static economy with many agents. It summarizes some subsequent research in which the limits of the price-mechanism as a successful coordination device are recognized. When economic activity is allowed with no pre-assigned terminal period, the two fundamental theorems linking competitive equilibrium allocations to Pareto optimality are challenged and the question of decentralization is carefully re-examined. With incomplete markets, and sequential trading, the concept of a Radner equilibrium is next introduced, and some of the striking properties of this are summarized. In a large economy with random shocks to preferences and/or endowments of individual agents, the implications of the celebrated laws of probability theory are explored.

This book provides a clear and comprehensive analysis of the efficiency properties of general equilibrium, with many agents and an expanded list of commodities. It will be of particular interest to postgraduate and doctorate students of economic theory as well as scholars on Walrasian equilibrium, Pareto optimality and uncertainty theories.

Se mere i:
Produktdetaljer
Sprog: Engelsk
Sider: 352
ISBN-13: 9780415746861
Indbinding: Paperback
Udgave:
ISBN-10: 0415746868
Kategori: Makroøkonomi
Udg. Dato: 11 nov 2013
Længde: 24mm
Bredde: 232mm
Højde: 156mm
Forlag: Taylor & Francis Ltd
Oplagsdato: 11 nov 2013
Forfatter(e): Mukul Majumdar
Forfatter(e) Mukul Majumdar


Kategori Makroøkonomi


Sprog Engelsk


Indbinding Paperback


Sider 352


Udgave


Længde 24mm


Bredde 232mm


Højde 156mm


Udg. Dato 11 nov 2013


Oplagsdato 11 nov 2013

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