General Equilibrium Theory-An Introduction.pdf
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1、 GENERAL EQUILIBRIUM THEORY Second Edition 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-Debr
2、eu 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 appli- cations. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a two-commodity two-household two-fi rm model. It gives a brief int
3、ro- duction to the mathematics used in the fi eld (continuity, convexity, separation theo- rems, Brouwer fi xed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progres- sively more general settings, including point-va
4、lued, set-valued, and nonconvex set-valued demand and supply. Existence of general equilibrium, fundamental the- orems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. This new edition updates the discussion throughout and expands the number an
5、d variety of exercises. It offers a revised and extended treatment of core convergence, including the case of nonconvex preferences, and introduces the investigation of approximate equilibrium with U-shaped cost curves and nonconvex preferences. RossM.StarrisProfessorofEconomicsattheUniversityofCali
6、fornia,SanDiego, where he has taught since 1980. He has also served on the faculties of Yale Uni- versity, the London School of Economics, and the University of California, Davis, and he held a Guggenheim Fellowship at the University of California, Berkeley. Professor Starrs research focuses on gene
7、ral 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 Econom
8、etrica; Economic Theory; Journal of Economic The- ory; Journal of Money, Credit, and Banking; Quarterly Journal of Economics; and Review of Economic Studies. Cambridge University Press published the fi rst edition of General Equilibrium Theory: An Introduction in 1997. GENERAL EQUILIBRIUM THEORY An
9、Introduction Second Edition ross m. starr University of California, San Diego cambridgeuniversitypress Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, S ao Paulo, Delhi, Tokyo, Mexico City Cambridge University Press 32 Avenue of the Americas, New York, NY 10013-2473, USA www.cambridge.
10、org Information on this title: www.cambridge.org/9780521533867 Ross M. Starr 2011 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge
11、 University Press. First published 2011 Printed in the United States of America A catalog record for this publication is available from the British Library. Library of Congress Cataloging in Publication data Starr, Ross M. General equilibrium theory : an introduction / Ross M. Starr. 2nd ed. p.cm. I
12、ncludes bibliographical references and index. ISBN 978-0-521-82645-7 (hardback) 1. Equilibrium (Economics)2. Economics, Mathematical.I. Title. HB145.S82011 330.01?51dc222010054600 ISBN 978-0-521-82645-7 Hardback ISBN 978-0-521-53386-7 Paperback Cambridge University Press has no responsibility for th
13、e persistence or accuracy of URLs for external or third-party Internet Web sites referred to in this publication and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate. For Susan Contents List of illustrationspage xiii Introduction to the second edition
14、xv Preface to the second editionxxi Preface to the fi rst editionxxiii Table of notationxxv Table of assumptionsxxix AGeneral equilibrium theory: Getting acquainted1 1Concept and history of general equilibrium theory3 1.1 Partial and general equilibrium: Development of the fi eld3 1.2The role of mat
15、hematics7 1.3History of general equilibrium theory8 1.4Bibliographic note10 2An elementary general equilibrium model: The Robinson Crusoe economy12 2.1Centralized allocation14 2.2Decentralized allocation16 2.3 Pareto effi ciency of the competitive equilibrium allocation: First fundamental Theorem of
16、 Welfare Economics23 2.4Bibliographic note24 Exercises24 3The Edgeworth box31 3.1Geometry of the Edgeworth box32 3.2 Calculating an effi cient allocation35 3.3A competitive market solution in the Edgeworth box37 3.4Bibliographic note40 Exercises40 vii viiiContents 4Integrating production and multipl
17、e consumption decisions: A 2 2 2 model44 4.1A 2 2 2 model46 4.2 Technical effi ciency46 4.3 Pareto effi ciency48 4.4First Fundamental Theorem of Welfare Economics: Competitive equilibrium is Pareto effi cient50 Exercises52 5Existence of general equilibrium in an economy with an excess demand functio
18、n58 5.1Bibliographic note64 Exercises64 BMathematics67 6Logic and set theory69 6.1Quasi-orderings71 6.2Functions73 6.3Bibliographic note73 Exercises73 7RN: Real N-dimensional Euclidean space75 7.1Continuous functions82 7.2Bibliographic note85 Exercises85 8Convex sets, separation theorems, and noncon
19、vex sets in RN91 8.1Separation theorems92 8.2The Shapley-Folkman Theorem95 8.3Bibliographic note97 Exercises98 9The Brouwer Fixed-Point Theorem99 9.1Bibliographic note106 Exercises106 CAn economy with bounded production technology and supply and demand functions109 10Markets, prices, commodities, an
20、d mathematical economic theory112 10.1Commodities and prices112 10.2The formal structure of pure economic theory112 10.3Markets, commodities, and prices113 10.4Bibliographic note114 Exercise114 Contentsix 11 Production with bounded-fi rm technology115 11.1Firms and production technology115 11.2The f
21、orm of production technology116 11.3Strictly convex production technology117 11.4Aggregate supply120 11.5Attainable production plans120 11.6Bibliographic note121 Exercises121 12Households124 12.1The structure of household consumption sets and preferences124 12.2Consumption sets124 12.3Representation
22、 of ?i: Existence of a continuous utility function129 12.4Choice and boundedness of budget sets, Bi(p)131 12.5Demand behavior under strict convexity134 12.6Bibliographic note137 Exercises137 13A market economy142 13.1 Firms, profi ts, and household income142 13.2Excess demand and Walrass Law143 13.3
23、Bibliographic note145 Exercises145 14General equilibrium of the market economy with an excess demand function147 14.1Existence of equilibrium147 14.2Bibliographic note152 Exercises152 DAn economy with unbounded production technology and supply and demand functions161 15Theory of production: The unbo
24、unded technology case164 15.1Unbounded production technology164 15.2Boundedness of the attainable set165 15.3 An artifi cially bounded supply function169 15.4Bibliographic note172 Exercises172 16Households: The unbounded technology case174 16.1Households174 16.2Choice in an unbounded budget set174 1
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