Existence and Optimality of Competitive Equilibria

Author: Charalambos D. Aliprantis
Publisher: Springer Science & Business Media
ISBN: 3662218933
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This monograph is a systematic exposition of the authors' research on general equi librium models with an infinite number of commodities. It is intended to serve both as a graduate text on aspects of general equilibrium theory and as an introduction, for economists and mathematicians working in mathematical economics, to current research in a frontier area of general equilibrium theory. To this end, we have pro vided two introductory chapters on the basic economic model and the mathematical framework. The exercises at the end of each section complement the main exposition. Chapter one is a concise but substantiative discussion of the questions of exis tence and optimality of competitive equilibria in the Walrasian general equilibrium model of an economy with a finite number of households, firms and commodities. Our extension of this model to economies with an infinite number of commodities constitutes the core material of this book and begins in chapter three. Readers fa miliar with the Walrasian general equilibrium model as exposited in (13], [23] or [52] may treat chapter one as a handy reference for the main economic concepts and notions that are used throughout the book.

General Equilibrium Analysis

Author: Monique Florenzano
Publisher: Springer Science & Business Media
ISBN: 9781402075124
Format: PDF, ePub, Mobi
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General Equilibrium Analysis is a systematic exposition of the Walrasian model of economic equilibrium with a finite number of agents, as formalized by Arrow, Debreu and McKenzie at the beginning of the fifties and since then extensively used, worked and studied. Existence and optimality of general equilibrium are developed repeatedly under different sets of hypothesis which define some general settings and delineate different approaches to the general equilibrium existence problem. The final chapter is devoted to the extension of the general equilibrium model to economies defined on an infinite dimensional commodity space. The objective of General Equilibrium Analysis is to give to each problem in each framework the most general solution, at least for the present state of art. The intended readers are graduate students, specialists and researchers in economics, especially in mathematical economics. The book is appropriate as a class text, or for self-study.

Classical Political Economy and Modern Theory

Author: Neri Salvadori
Publisher: Routledge
ISBN: 1136639411
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Heinz Kurz is recognised internationally as a leading economic theorist and a foremost historian of economic thought. This book pays tribute to his outstanding contributions by bringing together a unique collection of new essays by distinguished economists from around the world. Classical Political Economy and Modern Theory comprises twenty essays, grouped thematically into five sections. Part I examines political economy and its critique, Part II looks at entrepreneurship, evolution and income distribution, Part III discusses Cambridge, Keynes and macroeconomics, Part IV explores crisis and cycles, whilst Part V is dedicated to personal reminiscences. The essays in this book will be an invaluable source of inspiration for economists interested in economic theory and in the evolution of economic thought. They will also be of interest to postgraduate and research students specialising in economic theory and in the history of economic thought.

Stochastic Finance

Author: Hans Föllmer
Publisher: Walter de Gruyter
ISBN: 3110218054
Format: PDF, ePub
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This is the third, revised and extended edition of the classical introduction to the mathematics of finance, based on stochastic models in discrete time. In the first part of the book simple one-period models are studied, in the second part the idea of dynamic hedging of contingent claims is developed in a multiperiod framework. Due to the strong appeal and wide use of this book, it is now available as a textbook with exercises. It will be of value for a broad community of students and researchers. It may serve as basis for graduate courses and be also interesting for those who work in the financial industry and want to get an idea about the mathematical methods of risk assessment.

Emancipating Slaves Enslaving Free Men

Author: Jeffrey Hummel
Publisher: Open Court
ISBN: 0812698444
Format: PDF, Kindle
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This book combines a sweeping narrative of the Civil War with a bold new look at the war’s significance for American society. Professor Hummel sees the Civil War as America’s turning point: simultaneously the culmination and repudiation of the American revolution. While the chapters tell the story of the Civil War and discuss the issues raised in readable prose, each chapter is followed by a detailed bibliographical essay, looking at all the different major works on the subject, with their varying ideological viewpoints and conclusions. In his economic analysis of slavery, Professor Hummel takes a different view than the two major poles which have determined past discussions of the topic. While some writers claim that slavery was unprofitable and harmful to the Southern economy, and others maintain it was profitable and efficient for the South, Hummel uses the economic concept of Deadweight Loss to show that slavery was both highly profitable for slave owners and harmful to Southern economic development. While highly critical of Confederate policy, Hummel argues that the war was fought to prevent secession, not to end slavery, and that preservation of the Union was not necessary to end slavery: the North could have let the South secede peacefully, and slavery would still have been quickly terminated. Part of Hummel’s argument is that the South crucially relied on the Northern states to return runaway slaves to their owners. This new edition has a substantial new introduction by the author, correcting and supplementing the account given in the first edition (the major revision is an increase in the estimate of total casualties) and a foreword by John Majewski, a rising star of Civil War studies.

Microeconomics a synthesis of modern and neoclassical theory

Author: R. Robert Russell
Publisher: John Wiley & Sons Inc
Format: PDF, Docs
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Integrates mathematical, verbal (providing intuition for mathematical results), and graphical (illustrating the result for special two-variable cases) approaches in the exposition of theory. Includes modern economic theory topics not usually presented in microeconomics texts, such as preference theory, economic externalities and Pareto optimality, public commodities, and theory of social choice and collective rationality. Contains historical notes, suggested readings, and a variety of problems and exercises.

Comparative Economic Systems

Author: Andrew Zimbalist
Publisher: Springer Science & Business Media
ISBN: 940095638X
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3 edge, methods and theory. I turn now to some of my own reflections on this score. Some Reflections My first proposition is that if we are interested in analyzing the performance and dynamic properties of the world's economies, it is only at significant peril that comparative economists can overlook noneconomic or "political" factors. This is not to say that it is illegitimate to abstract from non-economic factors for particular purposes; rather, such abstraction should occur only with cogni zance of the influences being suppressed. I have argued elsewhere that the analytical compromise in suppressing noneconomic variables is greater for the study of planned than for market economies. [7] Borrowing from Polanyi [8], it is claimed that in market sys tems the economic sphere is disembedded from (separate and not subordinate to) the political, social and cultural spheres, while in planned systems the economic sphere is embedded in the noneconomic spheres. To be sure, market economies are strongly affected by political and cultural factors, but planned economies have and often exercise the potential to let political goals dominate in making production, allocational, or distributional choices. Indeed, it is difficult in practice to separate out what are political and what are economic decisions in planned systems.