1st Edition
Equilibrium, Welfare and Uncertainty: Beyond Arrow-Debreu
1 Equilibrium and Welfare; 2 Finiteness and Comparative Statics; 3 Chaotic Tatonnement; 4 Special Structures; 5 Decentralization in Infinite Horizon Economies; 6 General Equilibrium under Uncertainty: Complete Markets; 7 Radner Equilibrium; 8 Survival: Random Exchange Economies; 9 Equilibrium with an Infinite Number of Commodities
Biography
Mukul Majumdar has been a recognized authority in the field of general equilibrium theory for some years now and is currently H.T. and R.I. Warshow Professor of Economics at Cornell University.
Professor Majumdar has given us an admirable and unified account of general economic equilibrium theory, both as it was developed by Arrow and Debreu and their contemporaries, and beyond them to more recent developments. These latter topics comprise generalizations of the theory of "complete markets" in various directions, as well as developments of more realistic models embracing incomplete and sequential markets with stochastic perturbations. This volume will serve well, both as a reference book on this now voluminous subject, and a rigorous textbook for an advanced course on general equilibrium theory.
Roy Radner
Stern School, New York University
This book contains an up to date and lucid presentation of all important topics in general equilibrium theory. It starts with the classical results of Arrow and Debreu and covers many dynamic models, general equilibrium under uncertainty, and economies with an infinite dimensional commodity space among other topics. The book is also unique in some respects: It contains chapters on infinite horizon economies and on axiomatization of the Walras correspondence. It is an excellent treatment of modern general equilibrium theory. In particular, it is one of the best available expositions of general equilibrium under uncertainty.
Bezalel Peleg
The Hebrew University of Jerusalem
