'Existence of Competitive Equilibria in Markets with a Continuum of Traders'. Pp. 1-17 in: Econometrica, Vol. 34, No. 1, Jan., 1966.

AUMANN, Robert J. (1930-):

Erscheinungsdatum: 1966

Beschreibung

Entire issue offered. Original printed wrappers. Near Fine. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005 was awarded jointly to Robert J. Aumann and Thomas C. Schelling 'for having enhanced our understanding of conflict and cooperation through game-theory analysis.' 'In Neo-Walrasian theory, Robert Aumann is perhaps best known for his theory of core equivalence in a 'continuum' economy. Aumann introduced measure theory into the analysis of economies with an infinite number of agents formalizing the 'perfectly competitive' scenario. In his classical 1964 paper, Aumann proved the equivalence of the Edgeworthian core and Walrasian equilibrium allocations when there are an uncountable infinite number of agents thereby providing the limit case for future work on core convergence. In order to prove this result was not vacuous, Aumann went on to prove the existence of equilibrium (1966) in this 'perfectly competitive' scenario. On his way, he contributed to mathematics itself by providing a definition of the 'integral' of a correspondence (1965), which was previously absent' (www [dot] newschool [dot] edu/nssr/het/profiles/aumann [dot] htm). 'In order for the economy to be in a stable situation the prices must be such that the total demand equals the total supply. That is the Walrasian competitive equilibrium. That it exists and is well defined in markets with a continuum of traders was shown by Aumann in 1966' (Sergiu Hart & Abraham Neyman, eds., Game and economic theory: selected contributions in honor of Robert J. Aumann, 1995, p. 3). Buchnummer des Verkäufers 23388

Bibliografische Details

Titel: 'Existence of Competitive Equilibria in ...

Erscheinungsdatum: 1966

Einband: Soft cover

Zustand: Near Fine

Zustand des Schutzumschlags: No Jacket

Auflage: 1st Edition