Competitive Equilibrium: Theory and Applications / Edition 1

by Bryan Ellickson

Overview

The development of general equilibrium theory represents one of the greatest advances in economic analysis in the latter half of the twentieth century. This book, intended for advanced undergraduates and graduate students, provides a broad introduction to competitive equilibrium analysis with an emphasis on concrete applications. The coverage is exceptionally broad, including existence of equilibrium, models with a continuum of players, economies with individual commodities, computation of equilibrium, and infinite dimensional space. Well-designed and interesting applications help to make potentially abstract material more accessible.

Product Details

ISBN-13:	9780521319881
Publisher:	Cambridge University Press
Publication date:	01/28/1994
Edition description:	New Edition
Pages:	420
Product dimensions:	6.69(w) x 9.61(h) x 0.87(d)

Table of Contents

List of illustrations; Preface; Acknowledgments; Part I. Exchange: 1. Mathematical prerequisites; 2. Walrasian equilibrium; 3. Pareto optimality and the core; 4. A numerical example; 5. Commodities and prices; 6. Summary; Part II. Production: 7. Geometry of vector spaces; 8. CRS production; 9. Alternative models of production; 10. Public goods and joint supply; 11. Summary; Part III. Aumann’s Model: 12. Applying Aumann's model; 13. Dealing with nonconvexity; 14. Measure and integration; 15. Hedonic theory and local public goods; 16. Summary; Part IV. Topology: 17. Introduction to topology; 18. Topologies on vector spaces; 19. Summary; Part V. Best Response: 20. Preferences; 21. Existence of best response; 22. Continuity of best response; 23. Miscellany; 24. Summary; Part VI. Clearing Markets: 25. Homogeneity; 26. Existence of Walrasian equilibrium; 27. Computation of equilibria; 28. The excess demand theorem; 29. Kakutani fixed point theorem; 30. Summary; Part VII. Walras Meets Nash: 31. Noncooperative game theory; 32. Walrasian equilibrium; 33. External effects; 34. Nonconvexity; 35. Nonordered preferences; 36. Summary; Part VIII. What is Competition?:37. The second fundamental theorem; 38. Core equivalence; 39. Infinite dimensional commodity spaces; 40. The large square economy; 41. Summary; Bibliography; Index.