theory of competitive equilibrium in stock market economies
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theory of competitive equilibrium in stock market economies

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Published by Institute for Mathematical Studies in the Social Sciences, Stanford University in Stanford .
Written in English

Subjects:

  • Equilibrium (Economics),
  • Economics -- Mathematical models.

Book details:

Edition Notes

Statementby Sanford J. Grossman and Oliver D. Hart.
SeriesTechnical report - Stanford University, Institute for Mathematical Studies in Social Sciences -- no. 230, Economics series - Stanford University, Institute for Mathematical Studies in Social Sciences, Technical report (Stanford University. Institute for Mathematical Studies in the Social Sciences) -- no. 230., Economics series (Stanford University. Institute for Mathematical Studies in the Social Sciences)
ContributionsHart, Oliver D. joint author.
The Physical Object
Pagination65 p. ;
Number of Pages65
ID Numbers
Open LibraryOL22408570M

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COMPETITIVE EQUILIBRIUM equilibrium is a production social Nash optimum and that every production social Nash optimum can be sustained as a competitive equilibrium.3 This is a general-ization to economies with incomplete markets of the equivalence between competitive equilibria and Pareto optima in Arrow-Debreu economies. Sanford Grossman & Oliver Hart, "A theory of competitive equilibrium in stock market economies," Special Studies Papers , Board of Governors of the Federal Reserve System Cited by: "A theory of competitive equilibrium in stock market economies," Special Studies Papers , Board of Governors of the Federal Reserve System (U.S.). Handle: RePEc:fip:fedgsp as. In an economy with incomplete markets, firms' profits at different dates and contingencies cannot be aggregated into a single index and so profit maximization is not well-defined. In this paper we propose an objective for firms to pursue which is a generalization of the idea of profit maximization.

Equilibrium and Disequilibrium in Economic Theory: Proceedings of a Conference Organized by the Institute for Advanced Studies, Vienna, Austria July 3–5, This volume is the result of a conference held at the Institute for Advanced Studies, s: 1.   Competitive equilibrium is a condition in which profit-maximizing producers and utility-maximizing consumers in competitive markets with freely determined prices arrive at an equilibrium : Daniel Liberto. Introduction to the second edition. The foundations of modern economic general equilibrium theory are contained in a surprisingly short list of references. For primary sources, it is sufficient to master Arrow and Debreu (), Arrow (), Arrow (), and Debreu and Scarf (). Chapter 1 Neoclassical growth theory The Solow growth model All goods are traded on a competitive market. Whenever we write down a macroeconomic model, we usually have to define an “equilibrium” in the model is. An equilibrium for this model is a sequence of factor prices {w t},{rFile Size: KB.

‘This book contains an excellent exposition of classic general equilibrium theory. While it eases the reader into the subject slowly, it does so without compromising the analytical rigor that is necessary to understand the elegant foundations of the economic model of competitive markets.’ Alberto Bisin - Cited by: "This book contains an excellent exposition of classic general equilibrium theory. While it eases the reader into the subject slowly, it does so without compromising the analytical rigor that is necessary to understand the elegant foundations of the economic model of competitive markets." - Alberto Bisin, New York UniversityCited by: Stock Exchange Production Plan Optimum Investment Competitive Equilibrium Asset Market These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm by: Prices, costs, and market failure Conclusion References 8—Supply and demand: Price-taking and competitive markets Introduction Buying and selling: Demand and supply The market and the equilibrium price.