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Existence and Optimality of Competitive Equilibria (Paperback, Softcover reprint of the original 1st ed. 1990)
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Existence and Optimality of Competitive Equilibria (Paperback, Softcover reprint of the original 1st ed. 1990)
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This book presents the theory of general economic equilibrium from
a modern perspective. It gives a systematic exposition of research
done by the authors and others on the subject of general
equilibrium theory over the last ten years. It is intended to serve
both as a graduate text on aspects of general equilibrium theory
and as an introduction, for economists and mathematicians working
in mathematical economics, to current research in a frontier area
of general equilibrium theory. To make the material as accessible
as possible to the student, the authors have provided two
introductory chapters on the basic Arrow-Debreu economics model and
the mathematical framework. Exercises at the end of each section
complement the exposition. The monograph addresses the questions of
existence and optimality of Walrasian equilibria for economies with
a finite number of households and firms, but with an infinite
number of commodities. The final chapter of the book presents a
comprehensive study of the overlapping generations model. This is
the first book to give a unified and mathematically rigorous
presentation of the theory of general economic equilibrium in an
infinite dimensional setting.
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