The theory of competition has held a central place in economic
analysis since Adam Smith. This book, written by one of the most
distinguished of contemporary economic theorists, reports on a
major research program to provide strategic foundations for the
theory of perfect competition. Beginning with a concise survey of
how the theory of competition has evolved, Gale makes extensive and
rigorous use of dynamic matching and bargaining models to provide a
more complete description of how a competitive equlibrium is
achieved. Whereas economists have made use of a macroscopic
description of markets in which certain behavioral characteristics,
such as price-taking behavior, are taken for granted, Gale uses
game theory to re-evaluate this assumption, beginning with
individual agents and modelling their strategic interaction. A
strategic foundation for competitive equilibrium shows how such
interaction leads to competitive, price-taking behavior. Essential
reading for graduate courses in game theory and general
equilibrium.
General
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