On Pareto Optima And Competitive Equilibria

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Existence and Optimality of Competitive Equilibria

Author : Charalambos D. Aliprantis
Publisher : Springer Science & Business Media
ISBN 13 : 3662218933
Total Pages : 294 pages
Book Rating : 4.6/5 (622 download)

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Book Synopsis Existence and Optimality of Competitive Equilibria by : Charalambos D. Aliprantis

Download or read book Existence and Optimality of Competitive Equilibria written by Charalambos D. Aliprantis and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

On the Existence of Pareto Optima and Interest Competitive Equilibria in the Generation-overlapping Exchange Economy

Author : Ken Urai
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis On the Existence of Pareto Optima and Interest Competitive Equilibria in the Generation-overlapping Exchange Economy by : Ken Urai

Download or read book On the Existence of Pareto Optima and Interest Competitive Equilibria in the Generation-overlapping Exchange Economy written by Ken Urai and published by . This book was released on 1988 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Competitive Equilibrium

Author : Bryan Ellickson
Publisher : Cambridge University Press
ISBN 13 : 9780521319881
Total Pages : 424 pages
Book Rating : 4.3/5 (198 download)

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Book Synopsis Competitive Equilibrium by : Bryan Ellickson

Download or read book Competitive Equilibrium written by Bryan Ellickson and published by Cambridge University Press. This book was released on 1993 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of general equilibrium theory represents one of the greatest advances in economic analysis in the latter half of the twentieth century. This book, intended for advanced undergraduates and graduate students, provides a broad introduction to competitive equilibrium analysis with an emphasis on concrete applications. The first three chapters are introductory in nature, paving the way for the more advanced second half of the book. Relative to the competition, it is much more 'user friendly' while offering exceptionally broad coverage of topics. Well-designed and interesting applications help to make potentially abstract material more accessible. The book includes 92 illustrations and nearly 200 exercises.

Equilibrium and Efficiency in Production Economies

Author : Antonio Villar
Publisher : Springer Science & Business Media
ISBN 13 : 3642596703
Total Pages : 283 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis Equilibrium and Efficiency in Production Economies by : Antonio Villar

Download or read book Equilibrium and Efficiency in Production Economies written by Antonio Villar and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a substantially revised and enlarged version of the monograph General Equilibrium with Increasing Returns, published by Springer-Verlag as a Lecture Notes volume in 1996. It incorporates new topics and the most recent developments in the field. It also provides a more systematic analysis of the differences between production economies with and without convex production sets. Five out of twelve chapters are new, and most of the remaining ones have been reformulated. An outline of contents appears in chapter 1. As its predecessor, this book contains a formal and systematic exposition of the main results on the existence and efficiency of equilibrium, in production economies where production sets need not be convex. There is an explicit attempt at making of it a suitable reference both for graduate students and researchers interested in theory (not necessarily specialists in mathematical economics). With this twofold purpose in mind, the work has been written according to three key principles: (i) To provide a uhified approach to the problems involved. For that we construct a basic model that is rich enough to encompass the different models appearing throughout, and to derive all the results as coroilaries of a reduced number of general theorems. (ii) To maintain a relatively low mathematical complexity. Thus, when the estimated cost of generality exceeds the benefit of simplicity, we shall state and prove the theorems under assumptions that need not be the most general ones.

Allocation under Uncertainty: Equilibrium and Optimality

Author : Jacques H Drèze
Publisher : Springer
ISBN 13 : 1349019895
Total Pages : 271 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis Allocation under Uncertainty: Equilibrium and Optimality by : Jacques H Drèze

Download or read book Allocation under Uncertainty: Equilibrium and Optimality written by Jacques H Drèze and published by Springer. This book was released on 1965-01-01 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pareto Efficiency

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 289 pages
Book Rating : 4.:/5 (661 download)

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Book Synopsis Pareto Efficiency by : Fouad Sabry

Download or read book Pareto Efficiency written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-03 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Pareto Efficiency Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848-1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related:Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose.A situation is called Pareto-dominated if there exists a possible Pareto improvement.A situation is called Pareto-optimal or Pareto-efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Pareto efficiency Chapter 2: Economic efficiency Chapter 3: Welfare economics Chapter 4: Allocative efficiency Chapter 5: Social planner Chapter 6: Liberal paradox Chapter 7: Fundamental theorems of welfare economics Chapter 8: Competitive equilibrium Chapter 9: Efficient cake-cutting Chapter 10: Efficient envy-free division Chapter 11: Weller's theorem Chapter 12: Utilitarian cake-cutting Chapter 13: Envy-free item allocation Chapter 14: Approximate Competitive Equilibrium from Equal Incomes Chapter 15: Fair random assignment Chapter 16: Random priority item allocation Chapter 17: Egalitarian equivalence Chapter 18: Efficient approximately fair item allocation Chapter 19: Fractional Pareto efficiency Chapter 20: Egalitarian rule Chapter 21: Ordinal Pareto efficiency (II) Answering the public top questions about pareto efficiency. (III) Real world examples for the usage of pareto efficiency in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Pareto Efficiency.

The Social Viability of Money

Author : Joan Esteban
Publisher : Springer Science & Business Media
ISBN 13 : 3642467555
Total Pages : 209 pages
Book Rating : 4.6/5 (424 download)

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Book Synopsis The Social Viability of Money by : Joan Esteban

Download or read book The Social Viability of Money written by Joan Esteban and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book overlapping generations economies are analysed from a game theoretical point of view and the social acceptability of consumption allocations is studied in infinite horizon models of pure exchange economieswith agents with finite lifetimes who behave cooperatively. The core of such economies and its relation with competitive equilibria, both walrasian and monetary and the essential characteristics of the overlapping generations model are examined. The author defines the problem of trust in intertemporal consumption allocations as a question of belonging or not to the core of economy and provides a full characterization of the core allocations for n-goods pure exchange economies with one agent per generation: a consumption allocation belongs to the core if and only it is Pareto optimal and Sequentially Individually Rational. From this it follows that for one commodity economies no consumption allocation involving intertemporal transfers can belong to the core of the economy. In other words, no monetary equilibrium is socially viable. This result is no longer true for many goods models. For that case it is demonstrated that there exist bounds on the real value of equilibrium money purchases beyond which monetary equilibria are not socially viableand with many agents in every generation it is shown that as the economy becomes large and monetary (as well as IOU) equilibria become eventually excluded from the core of the economy. These results provide an analytical rationale for the fact that in most countries fiat money is legal tender.

Pareto Optimality of Competitive Equilibrium in an Overlapping Generations Model with Either Exhaustible Resources Or Land

Author : Antonio Manresa
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Pareto Optimality of Competitive Equilibrium in an Overlapping Generations Model with Either Exhaustible Resources Or Land by : Antonio Manresa

Download or read book Pareto Optimality of Competitive Equilibrium in an Overlapping Generations Model with Either Exhaustible Resources Or Land written by Antonio Manresa and published by . This book was released on 1993 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Noncooperative Approaches to the Theory of Perfect Competition

Author : Andreu Mas-Colell
Publisher : Academic Press
ISBN 13 : 1483271609
Total Pages : 280 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis Noncooperative Approaches to the Theory of Perfect Competition by : Andreu Mas-Colell

Download or read book Noncooperative Approaches to the Theory of Perfect Competition written by Andreu Mas-Colell and published by Academic Press. This book was released on 2014-05-10 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Theory, Econometrics, and Mathematical Economics: A Series of Monographs and Textbooks: Noncooperative Approaches to the Theory of Perfect Competition focuses on the application of noncooperative approaches to the theory of perfect competition, including Cournot game, no-surplus condition, and Nash equilibria. The selection first elaborates on collusive behavior in noncooperative epsilon-equilibria of oligopolies with long but finite lives and noncooperative price taking in large dynamic markets. Discussions focus on noncooperative equilibria which support the monopoly allocation, alternative definition of perfect epsilon-equilibrium, one-period Cournot game, fixed-demand case, and replication case. The book takes a look at noncooperative price taking in large dynamic markets, no-surplus condition as a characterization of perfectly competitive equilibrium, perfect competition, profit criterion, and the organization of economic activity. Topics include profits to individually improving welfare, structure of firms, competitive allocations as no surplus allocations, profits as rents, Walrasian and perfectly competitive equilibrium, and no-surplus and core equivalence as alternative characterizations of perfectly competitive equilibrium. The manuscript ponders on Nash equilibria of market games and efficiency properties of strategic market games, as well as commodities, agents, assignments, strategic markets games, proper and full Cournot-Nash equilibria, and finiteness and inefficiency. The selection is a valuable source of data for researchers interested in noncooperative approaches to the theory of perfect competition.

Competition, Collusion, and Game Theory

Author : Lester G Telser
Publisher : Routledge
ISBN 13 : 1351527169
Total Pages : 399 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Competition, Collusion, and Game Theory by : Lester G Telser

Download or read book Competition, Collusion, and Game Theory written by Lester G Telser and published by Routledge. This book was released on 2017-09-05 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original, quantitatively oriented analysis applies the theory of the core to define competition in order to describe and deduce the consequences of competitive and non-competitive behavior. Written by one of the world's leading mathematical economists, the book is mathematically rigorous. No other book is currently available giving a game theoretic analysis of competition with basic mathematical tools.Economic theorists have been working on a new and fundamental approach to the theory of competition and market structure, an approach inspired by appreciation of the earlier work of Edgeworth and Bohm-Bawerk and making use of the new tools of the theory of games as developed by von Neumann and Morgenstern. This new approach bases itself on the analysis of competitive behavior and its implications for the characteristics of market equilibrium rather than on assumptions about the characteristics of competitive and monopolistic markets. Its central concept is ""the theory of the core of the market,"" and it is concerned, with the conditions under which markets will or will not achieve the characteristics of uniform prices and welfare optimality.Telser provides a number of insights into the symptoms of competition, when and how competition is bought into play, the mechanisms of competition and collusion, the results of competition and collusion, and the results of competition and collusion for the economy and for the general public. Many misconceptions about the nature of a competitive equilibrium are dispelled. The book is not only a mathematical analysis of core price theory but also contains extensive empirical research in private industry. These empirical findings, from research pursued over several years, enhance understanding of how competition works and of the determinants of the returns to manufacturing industries.

The Optimality of a Competitive Stock Market (Classic Reprint)

Author : Robert C. Merton
Publisher : Forgotten Books
ISBN 13 : 9780666302076
Total Pages : 52 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis The Optimality of a Competitive Stock Market (Classic Reprint) by : Robert C. Merton

Download or read book The Optimality of a Competitive Stock Market (Classic Reprint) written by Robert C. Merton and published by Forgotten Books. This book was released on 2018-02-24 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Optimality of a Competitive Stock Market Aid from the National Science Foundation is gratefully acknowledged. Our paper focuses on the issue of whether a competitive equilibrium in the mean-variance model is a pareto optimum or not, and its principal conclusion is that it is. The reason that our conclusion differs from the previous analyses is not due to a technical mistake, but rather to differences in interpretation of what the competitive mar ket assumptions are: specifically, we assume that in a competitive market, entry into that market is free. All three of the aforementioned papers restrict entry. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Competitive Economics

Author : Ki Hang Kim
Publisher : North Holland
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Competitive Economics by : Ki Hang Kim

Download or read book Competitive Economics written by Ki Hang Kim and published by North Holland. This book was released on 1983 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a survey of important results in active areas of mathematical ec

Financial Markets Theory

Author : Emilio Barucci
Publisher : Springer Science & Business Media
ISBN 13 : 9781852334697
Total Pages : 488 pages
Book Rating : 4.3/5 (346 download)

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Book Synopsis Financial Markets Theory by : Emilio Barucci

Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer Science & Business Media. This book was released on 2002-12-11 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.

Pareto Improving Price Regulation when the Asset Market is Incomplete

Author : P. Jean-Jacques Herings
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Pareto Improving Price Regulation when the Asset Market is Incomplete by : P. Jean-Jacques Herings

Download or read book Pareto Improving Price Regulation when the Asset Market is Incomplete written by P. Jean-Jacques Herings and published by . This book was released on 1999 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Walrasian and Non-Walrasian Equilibria

Author : Anjan Mukherji
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Walrasian and Non-Walrasian Equilibria by : Anjan Mukherji

Download or read book Walrasian and Non-Walrasian Equilibria written by Anjan Mukherji and published by Oxford University Press, USA. This book was released on 1990 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Differential Information Economies

Author : Dionysius Glycopantis
Publisher : Springer Science & Business Media
ISBN 13 : 3540269797
Total Pages : 650 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis Differential Information Economies by : Dionysius Glycopantis

Download or read book Differential Information Economies written by Dionysius Glycopantis and published by Springer Science & Business Media. This book was released on 2006-01-11 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main problems in current economic theory is to write contracts which are Pareto optimal, incentive compatible, and also implementable as a perfect Bayesian equilibrium of a dynamic, noncooperative game. The question arises whether it is possible to provide Walrasian type or cooperative equilibrium concepts which have these properties. This volume contains original contributions on noncooperative and cooperative equilibrium notions in economies with differential information and provides answers to the above questions. Moreover, issues of stability, learning and continuity of alternative equilibria are also examined.

Essays in the Economics of Uncertainty

Author : Jean-Jacques Laffont
Publisher : Harvard University Press
ISBN 13 : 9780674265554
Total Pages : 160 pages
Book Rating : 4.2/5 (655 download)

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Book Synopsis Essays in the Economics of Uncertainty by : Jean-Jacques Laffont

Download or read book Essays in the Economics of Uncertainty written by Jean-Jacques Laffont and published by Harvard University Press. This book was released on 1980 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.