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.
General
| Imprint: |
Routledge
|
| Country of origin: |
United Kingdom |
| Series: |
Routledge Frontiers of Political Economy |
| Release date: |
November 2013 |
| First published: |
2009 |
| Authors: |
Mukul Majumdar
|
| Dimensions: |
234 x 156 x 24mm (L x W x T) |
| Format: |
Paperback
|
| Pages: |
352 |
| ISBN-13: |
978-0-415-74686-1 |
| Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
| LSN: |
0-415-74686-8 |
| Barcode: |
9780415746861 |
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