General Equilibrium Theory: An Introduction - Softcover

Starr, Ross

Softcover

ISBN 10: 0521564735 ISBN 13: 9780521564731

Publisher: Cambridge University Press, 2009

Synopsis

General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.

About this title

Review

'Ross Starr has performed a major service in preparing his introductory and yet fully self-contained textbook on general equilibrium theory. His graceful yet rigorous exposition will provide the student with a full coverage of the basic issues. The learning process is enhanced by the excellent and stimulating exercises.' Kenneth J. Arrow, Stanford University

'This slim volume contains all that a newcomer to general equilibrium theory can be expected to learn. The exposition is simple and clear without sacrifice of rigor.' Frank Hahn, University of Cambridge and University of Sienna

Book Description

General Equilibrium Theory: An Introduction presents general equilibrium analysis to students through example and intuition. General equilibrium analysis considers the economy as a whole, recognizing many interacting markets where prices in one market can affect supply and demand in another.

Edition details

• Publisher: Cambridge University Press
• Publication date: 2009
• Language: English
• ISBN 10: 0521564735
• ISBN 13: 9780521564731
• Binding: Paperback
• Number of pages: 280