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Strategic Foundations of General Equilibrium
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Details

  • Page extent: 234 pages
  • Size: 216 x 138 mm
  • Weight: 0.3 kg

Paperback

 (ISBN-13: 9780521644105 | ISBN-10: 0521644100)

The theory of competition has held a central place in economic analysis since Adam Smith. This book, written by one of the most distinguished of contemporary economic theorists, reports on a major research program to provide strategic foundations for the theory of perfect competition. Beginning with a concise survey of how the theory of competition has evolved, Gale makes extensive and rigorous use of dynamic matching and bargaining models to provide a more complete description of how a competitive equlibrium is achieved. Whereas economists have made use of a macroscopic description of markets in which certain behavioral characteristics, such as price-taking behavior, are taken for granted, Gale uses game theory to re-evaluate this assumption, beginning with individual agents and modelling their strategic interaction. A strategic foundation for competitive equilibrium shows how such interaction leads to competitive, price-taking behavior. Essential reading for graduate courses in game theory and general equilibrium.

• Written by leading economic theorist • Introduces reader to leading edge research in central area of economic theory • Provides foundations for new theory of general competitive equilibrium

Contents

1. Markets and games; 2. Perfect competition; 3. Continuity and anonymity; 4. Bounded rationality; 5. Afterthoughts.

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