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Machine generated contents note: Part I. General Equilibrium Theory: Getting Acquainted: 1. Concept and history of general equilibrium theory; 2. An elementary general equilibrium model -- the Robinson Crusoe economy; 3. The Edgeworth box; 4. Integrating production and multiple consumption decisions: a 2 x 2 x 2 model; 5. Existence of general equilibrium in an economy with an excess demand function; Part II. Mathematics: 6. Logic and set theory; 7. RN: real N-dimensional Euclidean space; 8. Convex sets, separation theorems, and non-convex sets in RN; 9. The Brouwer fixed point theorem; Part III. An Economy with Bounded Production Technology, Supply and Demand Functions: 10. Markets, prices, commodities, and mathematical economic theory; 11. Production with bounded firm technology; 12. Households; 13. A market economy; 14. General equilibrium of the market economy with an excess demand function; Part IV. An Economy with Unbounded Production Technology, Supply and Demand Functions: 15. Theory of production: the unbounded technology case; 16. Households: the unbounded technology case; 17. A market economy: the unbounded technology case; 18. General equilibrium of the market economy: the unbounded technology case; Part V. Welfare Economics and the Scope of Markets: 19. Pareto efficiency and competitive equilibrium; 20. Time and uncertainty: futures markets; Part VI. Bargaining and Equilibrium: The Core: 21. The core of a market economy; 22. Convergence of the core of a large economy; Part VII. An Economy with Supply and Demand Correspondences: 23. Mathematics: analysis of point to set mappings; 24. General equilibrium of the market economy with an excess demand correspondence; 25. U-shaped cost curves and concentrated preferences; Part VIII. Standing on the Shoulders of Giants: 26. Next steps; 27. Summary and conclusion

Preface -- Introduction / by Hugo F. Sonnenschein -- An equilibrium existence theorem without complete or transitive preferences -- Journal of mathematical economics -- A model of equilibrium with differentiated commodities -- Journal of mathematical economics -- On the equilibrium price set of an exchange economy -- Journal of mathematical economics -- Efficiency and decentralization in the pure theory of public goods -- Quarterly journal of economics -- The price equilibrium existence problem in topological vector lattices -- Econometrica -- Real indeterminacy with financial assets (with John Geanakoplos) -- Journal of economic theory -- Potential, value, and consistency (with Sergiu Hart) -- Econometrica -- An equivalence theorem for a bargaining set -- Journal of mathematical economics -- A simple adaptive procedure leading to correlated equilibrium (with Sergiu Hart) -- Econometrica -- Uncoupled dynamics do not lead to Nash equilibrium (with Sergiu Hart) -- American economic review -- Appendix a: rhyme and reason -- Appendix b: list of scientific publications.

This 1988 book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two central principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Investigating interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking

An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today. Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium -with its theory th.

This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.

Intro -- Contents -- Introduction -- 1 Lionel W. McKenzie -- 2 Equilibrium, Trade, and Capital Accumulation -- Equilibrium -- 3 On Equilibrium in Graham's Model of World Trade and Other Competitive Systems -- 4 Competitive Equilibrium with Dependent Consumer Preferences -- 5 Demand Theory without a Utility Index -- 6 On the Existence of General Equilibrium for a Competitive Market -- 7 Stability of Equilibrium and the Value of Positive Excess Demand -- 8 On the Existence of General Equilibrium: Some Corrections -- 9 Why Compute Economic Equilibria? -- 10 The Classical Theorem on Existence of Competitive Equilibrium -- 11 The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets -- Trade -- 12 Specialisation and Efficiency in World Production -- 13 Equality of Factor Prices in World Trade -- 14 Specialization in Production and the Production Possibility Locus -- 15 Matrices with Dominant Diagonals and Economic Theory -- 16 The Inversion of Cost Functions: A Counter-Example -- 17 Theorem and Counter-Example -- Growth -- 18 The Dorfman-Samuelson-Solow Turnpike Theorem -- 19 Turnpike Theorem of Morishima -- 20 Accumulation Programs of Maximum Utility and the von Neumann Facet -- 21 Capital Accumulation Optimal in the Final State -- 22 Turnpike Theorems with Technology and Welfare Function Variable -- 23 A New Route to the Turnpike -- 24 A Primal Route to the Turnpike and Liapounov Stability -- 25 Turnpike Theory, Discounted Utility, and the von Neumann Facet -- Sources -- Index.

Groups of people perform acts that are subject to standards of rationality. The book's theory of collective rationality explains how to evaluate collective acts. The people engaged in a game of strategy collectively produce an outcome, and the theory reveals what makes some outcomes solutions