Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu

0 avg rating
( 0 ratings by Goodreads )
 
9780415746861: Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu
View all copies of this ISBN edition:
 
 

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.

"synopsis" may belong to another edition of this title.

About the Author:

Mukul Majumdar has been a recognized authority in the field of general equilibrium theory for some years now and is currently H.T. and R.I. Warshow Professor of Economics at Cornell University.

Review:

Professor Majumdar has given us an admirable and unified account of general economic equilibrium theory, both as it was developed by Arrow and Debreu and their contemporaries, and beyond them to more recent developments. These latter topics comprise generalizations of the theory of "complete markets" in various directions, as well as developments of more realistic models embracing incomplete and sequential markets with stochastic perturbations. This volume will serve well, both as a reference book on this now voluminous subject, and a rigorous textbook for an advanced course on general equilibrium theory.

Roy Radner

Stern School, New York University

 

This book contains an up to date and lucid presentation of all important topics in general equilibrium theory. It starts with the classical results of Arrow and Debreu and covers many dynamic models, general equilibrium under uncertainty, and economies with an infinite dimensional commodity space among other topics. The book is also unique in some respects: It contains chapters on infinite horizon economies and on axiomatization of the Walras correspondence. It is an excellent treatment of modern general equilibrium theory. In particular, it is one of the best available expositions of general equilibrium under uncertainty.

 

Bezalel Peleg

The Hebrew University of Jerusalem

 

"About this title" may belong to another edition of this title.

Buy New View Book
List Price: US$ 58.95
US$ 43.19

Convert currency

Shipping: US$ 10.46
From United Kingdom to U.S.A.

Destination, rates & speeds

Add to Basket

Other Popular Editions of the Same Title

9780415701938: Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu (Routledge Frontiers of Political Economy)

Featured Edition

ISBN 10:  0415701937 ISBN 13:  9780415701938
Publisher: Routledge, 2009
Hardcover

Top Search Results from the AbeBooks Marketplace

1.

MAJUMDAR, MUKUL
Published by Routledge (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Paperback Quantity Available: 1
Seller:
Herb Tandree Philosophy Books
(Stroud, GLOS, United Kingdom)
Rating
[?]

Book Description Routledge, 2013. Paperback. Condition: NEW. 9780415746861 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. For all enquiries, please contact Herb Tandree Philosophy Books directly - customer service is our primary goal. Seller Inventory # HTANDREE0404861

More information about this seller | Contact this seller

Buy New
US$ 43.19
Convert currency

Add to Basket

Shipping: US$ 10.46
From United Kingdom to U.S.A.
Destination, rates & speeds

2.

Majumdar, Mukul
Published by Routledge (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Paperback Quantity Available: 1
Seller:
Revaluation Books
(Exeter, United Kingdom)
Rating
[?]

Book Description Routledge, 2013. Paperback. Condition: Brand New. 1 pages. 9.00x6.00x1.00 inches. In Stock. Seller Inventory # __0415746868

More information about this seller | Contact this seller

Buy New
US$ 47.55
Convert currency

Add to Basket

Shipping: US$ 9.83
From United Kingdom to U.S.A.
Destination, rates & speeds

3.

Majumdar, Mukul
Published by Routledge
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Quantity Available: 1
Print on Demand
Seller:
Rating
[?]

Book Description Routledge. Condition: BRAND NEW. - This title is now printed on demand - please allow added time for shipment! A Brand New Quality Book from a Full-Time Veteran Owned Bookshop in business since 1992!. Seller Inventory # 3452653

More information about this seller | Contact this seller

Buy New
US$ 62.90
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

4.

Mukul Majumdar
Published by Routledge 2013-11-11 (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Quantity Available: 5
Seller:
Chiron Media
(Wallingford, United Kingdom)
Rating
[?]

Book Description Routledge 2013-11-11, 2013. Condition: New. Brand new book, sourced directly from publisher. Dispatch time is 4-5 working days from our warehouse. Book will be sent in robust, secure packaging to ensure it reaches you securely. Seller Inventory # NU-TNFPD-00030519

More information about this seller | Contact this seller

Buy New
US$ 37.75
Convert currency

Add to Basket

Shipping: US$ 39.31
From United Kingdom to U.S.A.
Destination, rates & speeds

5.

Mukul Majumdar
Published by Routledge (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Softcover Quantity Available: 1
Seller:
Irish Booksellers
(Portland, ME, U.S.A.)
Rating
[?]

Book Description Routledge, 2013. Condition: New. book. Seller Inventory # M0415746868

More information about this seller | Contact this seller

Buy New
US$ 94.03
Convert currency

Add to Basket

Shipping: US$ 3.27
Within U.S.A.
Destination, rates & speeds

6.

Majumdar, Mukul
Published by Routledge (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Paperback Quantity Available: 2
Seller:
Murray Media
(NORTH MIAMI BEACH, FL, U.S.A.)
Rating
[?]

Book Description Routledge, 2013. Paperback. Condition: New. Never used!. Seller Inventory # P110415746868

More information about this seller | Contact this seller

Buy New
US$ 100.63
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

7.

Mukul Majumdar
Published by Routledge (2013)
ISBN 10: 0415746868 ISBN 13: 9780415746861
New Paperback Quantity Available: 1
Seller:
Books Express
(Portsmouth, NH, U.S.A.)
Rating
[?]

Book Description Routledge, 2013. Paperback. Condition: New. 1. Ships with Tracking Number! INTERNATIONAL WORLDWIDE Shipping available. Buy with confidence, excellent customer service!. Seller Inventory # 0415746868n

More information about this seller | Contact this seller

Buy New
US$ 173.87
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds