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General Equilibrium Theory
An Introduction

2nd Edition

$49.00

textbook
  • Date Published: April 2011
  • availability: In stock
  • format: Paperback
  • isbn: 9780521533867

$49.00
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  • General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow-Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a 2-commodity 2-household 2-firm model. It gives a brief introduction to the mathematics used in the field (continuity, convexity, separation theorems, Brouwer fixed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progressively more general settings, including point-valued, set-valued, and nonconvex set-valued demand and supply. Existence of general equilibrium, fundamental theorems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.

    • Treatment progresses from elementary models (suitable for undergraduates) to more advanced (for graduate students) at a relaxed pace with ample examples
    • Abundance of exercises, designed to be manageable and challenging
    • Treatment is self-contained, including development of the necessary mathematics, with elementary proof of the Brouwer fixed point theorem
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    Reviews & endorsements

    "Most books on the theory of general equilibrium have adopted the terribly arid axiomatic style illustrated in pure mathematics by Nicolas Bourbaki’s treatise. That style makes no compromise with rigor. But it often defies intuition. Ross Starr’s book is the best attempt so far at combining economic intuition with rigor in dealing with those staples of general equilibrium theory that are the existence and the two welfare theorems. Part A of the book deals with special cases of the general equilibrium model up to the two-good, two-factor, two-agent model, something that is never done in more ‘advanced’ presentations. Part B is a remarkably lucid introduction to the mathematics of point-set topology needed in any serious study of the general equilibrium model. Both parts will be welcome by undergraduate students. The rest of the book is more suitable to first-year graduate students but, even there, the author does his best to convey enough economic intuition for the model to be economically interesting. Two points are particularly noteworthy in that respect: 1) the treatment of non-convexity in large economies (preferences, production sets) through the Shapley-Folkman theorem; and 2) a simplicial proof of Brouwer’s fixed point theorem." – Yves Balasko, University of York, United Kingdom

    "This book contains an excellent exposition of classic general equilibrium theory. While it eases the reader into the subject slowly, it does so without compromising the analytical rigor that is necessary to understand the elegant foundations of the economic model of competitive markets." – Alberto Bisin, New York University

    "Ross Starr has made a fine service to the profession when preparing this new edition of his nice introductory textbook on general equilibrium theory. This volume is slim, yet fully self-contained and rigorous; it should be quite useful to advanced undergraduates and graduate students, as well as to researchers in economic theory and mathematical economics." – Jean-Michel Grandmont, Università Ca' Foscari di Venezia, Italy; Centre de Recherche en Economie et Statistiques, France

    "A comprehensive treatment of classical general equilibrium theory from its most elementary to its most abstract formulation. Self-contained mathematical chapters and exercises at the end of each chapter make this an ideal textbook for advanced-level courses." – Paolo Siconolfi, Columbia University

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    Product details

    • Edition: 2nd Edition
    • Date Published: April 2011
    • format: Paperback
    • isbn: 9780521533867
    • length: 378 pages
    • dimensions: 255 x 180 x 20 mm
    • weight: 0.66kg
    • contains: 42 b/w illus.
    • availability: In stock
  • Table of Contents

    Part I. General Equilibrium Theory: Getting Acquainted:
    1. Concept and history of general equilibrium theory
    2. An elementary general equilibrium model - the Robinson Crusoe economy
    3. The Edgeworth box
    4. Integrating production and multiple consumption decisions: a 2 x 2 x 2 model
    5. Existence of general equilibrium in an economy with an excess demand function
    Part II. Mathematics:
    6. Logic and set theory
    7. RN: real N-dimensional Euclidean space
    8. Convex sets, separation theorems, and non-convex sets in RN
    9. The Brouwer fixed point theorem
    Part III. An Economy with Bounded Production Technology, Supply and Demand Functions:
    10. Markets, prices, commodities, and mathematical economic theory
    11. Production with bounded firm technology
    12. Households
    13. A market economy
    14. General equilibrium of the market economy with an excess demand function
    Part IV. An Economy with Unbounded Production Technology, Supply and Demand Functions:
    15. Theory of production: the unbounded technology case
    16. Households: the unbounded technology case
    17. A market economy: the unbounded technology case
    18. General equilibrium of the market economy: the unbounded technology case
    Part V. Welfare Economics and the Scope of Markets:
    19. Pareto efficiency and competitive equilibrium
    20. Time and uncertainty: futures markets
    Part VI. Bargaining and Equilibrium: The Core:
    21. The core of a market economy
    22. Convergence of the core of a large economy
    Part VII. An Economy with Supply and Demand Correspondences:
    23. Mathematics: analysis of point to set mappings
    24. General equilibrium of the market economy with an excess demand correspondence
    25. U-shaped cost curves and concentrated preferences
    Part VIII. Standing on the Shoulders of Giants:
    26. Next steps
    27. Summary and conclusion.

  • Author

    Ross M. Starr, University of California, San Diego
    Ross M. Starr is Professor of Economics at the University of California, San Diego, where he has taught since 1980. He has also served on the faculties of Yale University, the London School of Economics and the University of California, Davis, and he held a Guggenheim Fellowship at the University of California, Berkeley. Professor Starr's research focuses on general equilibrium theory, mathematical economics and monetary theory. He is the editor of General Equilibrium Models of Monetary Economies (1989) and coeditor of the three-volume Essays in Honor of Kenneth Arrow (Cambridge University Press, 1986). His articles have appeared in journals such as Econometrica, Economic Theory, the Journal of Economic Theory, the Journal of Money, Credit, and Banking, the Quarterly Journal of Economics and the Review of Economic Studies. Cambridge University Press released the first edition of General Equilibrium Theory: An Introduction in 1997.

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