General Equilibrium Theory An Introduction 2nd Edition by Ross Starr ISBN 0521533864 978-0521533867

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Product details: 

ISBN 10:  0521533864 

ISBN 13: 978-0521533867

Author: Ross M. Starr

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.

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.

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