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General Equilibrium and Game Theory - Ten Papers (Hardcover)
Loot Price: R1,277
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General Equilibrium and Game Theory - Ten Papers (Hardcover)
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Andreu Mas-Colell revolutionized our understanding of competitive
markets, price formation, and the behavior of market participants.
General Equilibrium and Game Theory offers readers a compendium of
his most important scholarly contributions, gathering in a single
volume the groundbreaking papers that have solidified his standing
as one of the preeminent economic theorists of our time. Built upon
the foundations of neoclassical economics, Mas-Colell's work is
distinguished by a mathematical and analytical elegance that brings
theory closer to real-world situations. He overturns the standard
assumption of general equilibrium theory-that markets are perfectly
competitive and their participants are perfectly rational-and
concludes that neither the law of supply and demand nor the
existence of equilibrium prices depends on the rationality of
agents. Similarly, Mas-Colell (working with Sergiu Hart) challenges
classical game theory's reliance on rational behavior,
demonstrating that adaptation and learning shape the dynamics of
repeated games. Addressing central questions of finance, trade,
industrial organization, and welfare economics, Mas-Colell shows
the surprising power and versatility of differentiability and
linear-space mathematical techniques, and he emphasizes the
fruitfulness of cooperative game-theory approaches, such as Shapley
value theory and the Bargaining Set, for understanding competition
and distribution. General Equilibrium and Game Theory is a signal
contribution to economic theory and an invaluable resource for
anyone wishing to study the craft of a master of economic modeling.
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