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General Equilibrium with Price-Making Firms by T. Marschak, Reinhard Selten (Paperback, 1974)

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Product Information

Motivation. That elegant fiction the competitive equilibrium seems still to dominate the frontiers of theoretical microeconomics. We may think of it in a general way as a state of affairs wherein economic agents, responding rationally to annoWlced prices, make choices which are consistent and feasible. The prices may also be described as taken : for one reason or another the agents who respond to them consider them as given. The existence of such a state, its optimality, its robustness against free bargaining among agents when there are many of them, its Wliqueness, its stability when price displacements evoke specified adjustments--all these issues have been studied, and continue to be studied in a variety of settings. Slowly the equilibrium investigated begins to incorporate public goods, externalities of certain kinds, differences in agents' information, and infinitely many time periods. The appeal of such results need not be belabored: the equilibrium studied may sustain an optimal resource allocation, and when it does it sus tains it in a manner that appears to be informationally efficient and to accord well with individual incentives. Therefore it is important to extend the circumstances under which an equilibrium exists, under which it sustains opti mality, and under which it survives displacements as well as free bargaining among agents.

Product Identifiers

Publisher
Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
ISBN-13
9783540066248
eBay Product ID (ePID)
117443391

Product Key Features

Author
T. Marschak, Reinhard Selten
Publication Name
General Equilibrium with Price-Making Firms
Format
Paperback
Language
English
Subject
Management
Publication Year
1974
Type
Textbook
Number of Pages
247 Pages

Dimensions

Item Height
244mm
Item Width
170mm
Volume
91
Item Weight
455g

Additional Product Features

Title_Author
Reinhard Selten, T. Marschak
Series Title
Lecture Notes in Economics and Mathematical Systems
Country/Region of Manufacture
Germany

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