Competitive Equilibrium
Theory and Applications

This book provides a self-contained and accessible introduction to general equilibrium theory with an emphasis on applications.

Bryan Ellickson (Author)

9780521319881, Cambridge University Press

Paperback, published 28 January 1994

420 pages, 92 line figures 6 tables 200 exercises
24.4 x 17 x 2.2 cm, 0.67 kg

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 first three chapters are introductory in nature, paving the way for the more advanced second half of the book. Relative to the competition, it is much more 'user friendly' while offering exceptionally broad coverage of topics. Well-designed and interesting applications help to make potentially abstract material more accessible. The book includes 92 illustrations and nearly 200 exercises.

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.

Subject Areas: Economic theory & philosophy [KCA]