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Equilibrium
The concept of equilibrium is of enormous significance in economics and is central to economic analysis. Volume I provides historical perspectives on the origins, development and criticisms of the idea of economic equilibrium and explains the meaning of modern equilibrium theory and the methods and techniques that are used. Volume II presents the classic literature on perfectly competitive equilibrium and the important models that explore equilibrium in imperfectly competitive markets. Volume III reveals the variety of recent developments and applications of the equilibrium concept, including stationary, temporary, underemployment, growth, rational expectations, Bayesian, and cooperative and non-cooperative game theoretic equilibrium.
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Contributors
Contents
More Information
The concept of equilibrium is of enormous significance in economics and is central to economic analysis. Volume I provides historical perspectives on the origins, development and criticisms of the idea of economic equilibrium and explains the meaning of modern equilibrium theory and the methods and techniques that are used. Volume II presents the classic literature on perfectly competitive equilibrium and the important models that explore equilibrium in imperfectly competitive markets. Volume III reveals the variety of recent developments and applications of the equilibrium concept, including stationary, temporary, underemployment, growth, rational expectations, Bayesian, and cooperative and non-cooperative game theoretic equilibrium.
This important and comprehensive reference collection is essential reading for all microeconomic and macroeconomic theorists and students.
This important and comprehensive reference collection is essential reading for all microeconomic and macroeconomic theorists and students.
Contributors
85 articles, dating from 1950 to 1998
Contributors include: K. Arrow, J.-P. Bénassy, G. Debreu, F.M. Fisher, F.H. Hahn, N. Kaldor, J.F. Nash Jr, T. Negishi, J. Robinson
Contributors include: K. Arrow, J.-P. Bénassy, G. Debreu, F.M. Fisher, F.H. Hahn, N. Kaldor, J.F. Nash Jr, T. Negishi, J. Robinson
Contents
Contents:
Volume I:
Acknowledgements • Introduction
Part I: Historical Perspectives
1. Kenneth J. Arrow and F.H. Hahn (1971), ‘Historical Introduction’
2. M.L. Myers (1976), ‘Adam Smith’s Concept of Equilibrium’
3. Peter Flaschel and Willi Semmler (1987), ‘Classical and Neoclassical Competitive Adjustment Processes’
4. D.J. Harris (1991), ‘Equilibrium and Stability in Classical Theory’
5. Jean Magnan de Bornier (1992), ‘The “Cournot-Bertrand Debate”: A Historical Perspective’
Part II: Criticisms of the Equilibrium Concept
6. Fritz Machlup (1991), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’
7. Nicholas Kaldor (1972), ‘The Irrelevance of Equilibrium Economics’
8. Joan Robinson (1974), ‘History Versus Equilibrium’
9. Nicholas Kaldor (1975), ‘What Is Wrong With Economic Theory’
10. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’
11. Jack Wiseman (1989), ‘General Equilibrium or Market Process: An Evaluation’
12. Meyer Burstein (1991), ‘History versus Equilibrium: Joan Robinson and Time in Economics’
13. Krishna Bharadwaj (1991), ‘History versus Equilibrium’
14. Charles C. Fischer (1993), ‘On The “Stickiness” Of The Economic Equilibrium Paradigm: Causes of Its Durability’
15. Mark Blaug (1997), ‘Competition as an End-State and Competition as a Process’
Part III: Meaning and Concepts of Modern Economic Equilibrium Theory
16. Gerard Debreu (1962), ‘New Concepts and Techniques for Equilibrium Analysis’
17. John S. Chipman (1965), ‘The Nature and Meaning of Equilibrium in Economic Theory’
18. F.H. Hahn (1973), excerpt from On the Notion of Equilibrium in Economics
19. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’
20. Alan Coddington (1975), ‘The Rationale of General Equilibrium Theory’
21. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’
22. John F. Henry (1983-84), ‘On Equilibrium’
23. Frank Hahn (1984), ‘Introduction’
24. M.H.I. Dore (1984-85), ‘On the Concept of Equilibrium’
25. Thomas Frank Kompas (1985), ‘Traditional Notions of Equilibrium Reconsidered’
26. Jacques Henry (1987), ‘Equilibrium as a Process’
27. Martin J. Beckmann (1990), ‘The Meaning of General Equilibrium’
28. Giovanni Caravale (1994), ‘Updating an Old Question: Prices and Quantities’
29. Paul Milgrom and John Roberts (1994), ‘Comparing Equilibria’
30. Christian Bidard and Guido Erreygers (1998), ‘The Number and Type of Long-term Equilibria’
Name Index
Volume II:
Part I: Perfectly Competitive Equilibrium in Virtual Models
A Existence
1. E. Roy Weintraub (1983), ‘On the Existence of a Competitive Equilibrium: 1930-54’
2. John H. Boyd III and Lionel W. McKenzie (1993), ‘The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets’
3. Paulo Klinger Monteiro (1994), ‘Inada’s Condition Implies Equilibrium Existence Is Rare’
4. Kam-Chau Wong (1997), ‘Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium’
5. Donald A. Walker (1997), ‘New Perspectives on the Existence of Equilibrium’
B Uniqueness
6. Gerard Debreu (1970), ‘Economies With a Finite Set of Equilibria’
7. Yves Balasko (1975), ‘Some Results on Uniqueness and on Stability of Equilibrium in General Equilibrium Theory’
8. Timothy J. Kehoe (1985), ‘Multiplicity of Equilibria and Comparative Statics’
9. Anjan Mukherji (1997), ‘On the Uniqueness of Competitive Equilibrium’
C Stability
10. Kenneth J. Arrow and Leonid Hurwicz (1960), ‘Competitive Stability Under Weak Gross Substitutability: The “Euclidean Distance” Approach’
11. Kenneth J. Arrow and Leonid Hurwicz (1962), ‘Competitive Stability Under Weak Gross Substitutability: Nonlinear Price Adjustment and Adaptive Expectations’
12. Takashi Negishi (1962), ‘The Stability of a Competitive Economy: A Survey Article’
13. M.G. Allingham (1974), ‘Equilibrium and Stability’
14. Michael J.P. Magill (1979), ‘The Stability of Equilibrium’
15. H. Jerome Keisler (1996), ‘Getting to a Competitive Equilibrium’
16. Yves Balasko (1994), ‘The Expectational Stability of Walrasian Equilibria’
17. Donald A. Walker (1997), ‘New Perspectives on the Stability and Uniqueness of Equilibrium’
Part II: Non-Virtual Purely Competitive Models
18. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’
19. Franklin M. Fisher (1976), ‘A Non-Tâtonnement Model with Production and Consumption’
20. Franklin M. Fisher (1983), ‘The Development of the Stability Literature’
21. Francesca Busetto (1995), ‘Why the Non-Tâtonnement Line of Research Died Out’
Part III: Models with Various Forms of Market Imperfection
22. Jacques H. Drèze (1991), ‘On Supply-Constrained Equilibria’
23. Jean-Pascal Bénassy (1993), ‘Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications’
24. Russell Cooper (1994), ‘Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria’
25. Jean Mercenier (1995), ‘Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition’
26. P. Jean-Jacques Herings (1996), ‘Equilibrium Existence Results for Economies with Price Rigidities’
27. Claude d’Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet (1997), ‘General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach’
Supplementary Reading List
Name Index
Volume III:
Part I: Stationary
1. Truman F. Bewley (1981), ‘Stationary Equilibrium’
2. D. Duffie, J. Geanakoplos, A. Mas-Colell and A. McLennan (1994), ‘Stationary Markov Equilibria’
3. Piero Gottardi (1996), ‘Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets’
4. Robert Becker and Itzhak Zilcha (1997), ‘Stationary Ramsey Equilibria under Uncertainty’
Part II: Temporary
5. Jean-Michel Grandmont (1991), ‘Temporary Equilibrium: Money, Expectations and Dynamics’
6. Lionello F. Punzo (1991), ‘Comment’
Part III: Underemployment
7. Paola Potestio (1986), ‘Equilibrium and Employment in “The General Theory”’
Part IV: Growth
8. V.M. Polterovich (1977), ‘Models of Equilibrium Economic Growth’
Part V: Rational Expectations
9. George W. Evans and Seppo Honkapohja (1994), ‘Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria’
Part VI: Bayesian
10. Jean-Jacques Laffont (1991), ‘Perfect Bayesian Equilibrium’
Part VII: Game Theoretic Equilibrium
A Introduction to Equilbrium in Game Theory and to Nash Equilibrium
11. John F. Nash, Jr. (1950), ‘The Bargaining Problem’
12. Elon Kohlberg (1990), ‘Refinement of Nash Equilibrium: The Main Ideas’
13. Adam Brandenburger (1992), ‘Knowledge and Equilibrium in Games’
14. Dave Furth (1993), ‘Game Equilibrium Modelling’
15. Robert J. Leonard (1994), ‘Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium’
16. Hans Jørgen Jacobsen (1996), ‘On the Foundations of Nash Equilibrium’
B The Core
17. Karl Vind (1995), ‘Perfect Competition or the Core’
18. Lester G. Telser (1996), ‘Competition and the Core’
C Cooperative Games
19. John Nash (1953), ‘Two-Person Cooperative Games’
20. Debraj Ray and Rajiv Vohra (1997), ‘Equilibrium Binding Agreements’
D Noncooperative Games
21. Donald Wittman (1993), ‘Nash Equilibrium vs Maximin: A Comparative Game Statics Analysis’
22. Vijay Krishna and Roberto Serrano (1995), ‘Perfect Equilibria of a Model of N-Person Noncooperative Bargaining’
23. Ferenc Szidarovszky and Koji Okuguchi (1997), ‘On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games’
E Evolutionary Games
24. George J. Mailath (1998), ‘Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory’
F Other
25. Gerard Debreu (1954), ‘Valuation Equilibrium and Pareto Optimum’
26. Frank Hahn (1978), ‘On Non-Walrasian Equilibria’
27. James Bullard (1994), ‘Learning Equilibria’
28. Yves Balasko, David Cass and Karl Shell (1995), ‘Market Participation and Sunspot Equilibria’
Supplementary Reading List
Name Index
Volume I:
Acknowledgements • Introduction
Part I: Historical Perspectives
1. Kenneth J. Arrow and F.H. Hahn (1971), ‘Historical Introduction’
2. M.L. Myers (1976), ‘Adam Smith’s Concept of Equilibrium’
3. Peter Flaschel and Willi Semmler (1987), ‘Classical and Neoclassical Competitive Adjustment Processes’
4. D.J. Harris (1991), ‘Equilibrium and Stability in Classical Theory’
5. Jean Magnan de Bornier (1992), ‘The “Cournot-Bertrand Debate”: A Historical Perspective’
Part II: Criticisms of the Equilibrium Concept
6. Fritz Machlup (1991), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’
7. Nicholas Kaldor (1972), ‘The Irrelevance of Equilibrium Economics’
8. Joan Robinson (1974), ‘History Versus Equilibrium’
9. Nicholas Kaldor (1975), ‘What Is Wrong With Economic Theory’
10. Nicholas Kaldor (1979), ‘Equilibrium Theory and Growth Theory’
11. Jack Wiseman (1989), ‘General Equilibrium or Market Process: An Evaluation’
12. Meyer Burstein (1991), ‘History versus Equilibrium: Joan Robinson and Time in Economics’
13. Krishna Bharadwaj (1991), ‘History versus Equilibrium’
14. Charles C. Fischer (1993), ‘On The “Stickiness” Of The Economic Equilibrium Paradigm: Causes of Its Durability’
15. Mark Blaug (1997), ‘Competition as an End-State and Competition as a Process’
Part III: Meaning and Concepts of Modern Economic Equilibrium Theory
16. Gerard Debreu (1962), ‘New Concepts and Techniques for Equilibrium Analysis’
17. John S. Chipman (1965), ‘The Nature and Meaning of Equilibrium in Economic Theory’
18. F.H. Hahn (1973), excerpt from On the Notion of Equilibrium in Economics
19. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’
20. Alan Coddington (1975), ‘The Rationale of General Equilibrium Theory’
21. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’
22. John F. Henry (1983-84), ‘On Equilibrium’
23. Frank Hahn (1984), ‘Introduction’
24. M.H.I. Dore (1984-85), ‘On the Concept of Equilibrium’
25. Thomas Frank Kompas (1985), ‘Traditional Notions of Equilibrium Reconsidered’
26. Jacques Henry (1987), ‘Equilibrium as a Process’
27. Martin J. Beckmann (1990), ‘The Meaning of General Equilibrium’
28. Giovanni Caravale (1994), ‘Updating an Old Question: Prices and Quantities’
29. Paul Milgrom and John Roberts (1994), ‘Comparing Equilibria’
30. Christian Bidard and Guido Erreygers (1998), ‘The Number and Type of Long-term Equilibria’
Name Index
Volume II:
Part I: Perfectly Competitive Equilibrium in Virtual Models
A Existence
1. E. Roy Weintraub (1983), ‘On the Existence of a Competitive Equilibrium: 1930-54’
2. John H. Boyd III and Lionel W. McKenzie (1993), ‘The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets’
3. Paulo Klinger Monteiro (1994), ‘Inada’s Condition Implies Equilibrium Existence Is Rare’
4. Kam-Chau Wong (1997), ‘Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium’
5. Donald A. Walker (1997), ‘New Perspectives on the Existence of Equilibrium’
B Uniqueness
6. Gerard Debreu (1970), ‘Economies With a Finite Set of Equilibria’
7. Yves Balasko (1975), ‘Some Results on Uniqueness and on Stability of Equilibrium in General Equilibrium Theory’
8. Timothy J. Kehoe (1985), ‘Multiplicity of Equilibria and Comparative Statics’
9. Anjan Mukherji (1997), ‘On the Uniqueness of Competitive Equilibrium’
C Stability
10. Kenneth J. Arrow and Leonid Hurwicz (1960), ‘Competitive Stability Under Weak Gross Substitutability: The “Euclidean Distance” Approach’
11. Kenneth J. Arrow and Leonid Hurwicz (1962), ‘Competitive Stability Under Weak Gross Substitutability: Nonlinear Price Adjustment and Adaptive Expectations’
12. Takashi Negishi (1962), ‘The Stability of a Competitive Economy: A Survey Article’
13. M.G. Allingham (1974), ‘Equilibrium and Stability’
14. Michael J.P. Magill (1979), ‘The Stability of Equilibrium’
15. H. Jerome Keisler (1996), ‘Getting to a Competitive Equilibrium’
16. Yves Balasko (1994), ‘The Expectational Stability of Walrasian Equilibria’
17. Donald A. Walker (1997), ‘New Perspectives on the Stability and Uniqueness of Equilibrium’
Part II: Non-Virtual Purely Competitive Models
18. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’
19. Franklin M. Fisher (1976), ‘A Non-Tâtonnement Model with Production and Consumption’
20. Franklin M. Fisher (1983), ‘The Development of the Stability Literature’
21. Francesca Busetto (1995), ‘Why the Non-Tâtonnement Line of Research Died Out’
Part III: Models with Various Forms of Market Imperfection
22. Jacques H. Drèze (1991), ‘On Supply-Constrained Equilibria’
23. Jean-Pascal Bénassy (1993), ‘Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications’
24. Russell Cooper (1994), ‘Equilibrium Selection in Imperfectly Competitive Economies with Multiple Equilibria’
25. Jean Mercenier (1995), ‘Nonuniqueness of Solutions in Applied General Equilibrium Models with Scale Economies and Imperfect Competition’
26. P. Jean-Jacques Herings (1996), ‘Equilibrium Existence Results for Economies with Price Rigidities’
27. Claude d’Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet (1997), ‘General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach’
Supplementary Reading List
Name Index
Volume III:
Part I: Stationary
1. Truman F. Bewley (1981), ‘Stationary Equilibrium’
2. D. Duffie, J. Geanakoplos, A. Mas-Colell and A. McLennan (1994), ‘Stationary Markov Equilibria’
3. Piero Gottardi (1996), ‘Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets’
4. Robert Becker and Itzhak Zilcha (1997), ‘Stationary Ramsey Equilibria under Uncertainty’
Part II: Temporary
5. Jean-Michel Grandmont (1991), ‘Temporary Equilibrium: Money, Expectations and Dynamics’
6. Lionello F. Punzo (1991), ‘Comment’
Part III: Underemployment
7. Paola Potestio (1986), ‘Equilibrium and Employment in “The General Theory”’
Part IV: Growth
8. V.M. Polterovich (1977), ‘Models of Equilibrium Economic Growth’
Part V: Rational Expectations
9. George W. Evans and Seppo Honkapohja (1994), ‘Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria’
Part VI: Bayesian
10. Jean-Jacques Laffont (1991), ‘Perfect Bayesian Equilibrium’
Part VII: Game Theoretic Equilibrium
A Introduction to Equilbrium in Game Theory and to Nash Equilibrium
11. John F. Nash, Jr. (1950), ‘The Bargaining Problem’
12. Elon Kohlberg (1990), ‘Refinement of Nash Equilibrium: The Main Ideas’
13. Adam Brandenburger (1992), ‘Knowledge and Equilibrium in Games’
14. Dave Furth (1993), ‘Game Equilibrium Modelling’
15. Robert J. Leonard (1994), ‘Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium’
16. Hans Jørgen Jacobsen (1996), ‘On the Foundations of Nash Equilibrium’
B The Core
17. Karl Vind (1995), ‘Perfect Competition or the Core’
18. Lester G. Telser (1996), ‘Competition and the Core’
C Cooperative Games
19. John Nash (1953), ‘Two-Person Cooperative Games’
20. Debraj Ray and Rajiv Vohra (1997), ‘Equilibrium Binding Agreements’
D Noncooperative Games
21. Donald Wittman (1993), ‘Nash Equilibrium vs Maximin: A Comparative Game Statics Analysis’
22. Vijay Krishna and Roberto Serrano (1995), ‘Perfect Equilibria of a Model of N-Person Noncooperative Bargaining’
23. Ferenc Szidarovszky and Koji Okuguchi (1997), ‘On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games’
E Evolutionary Games
24. George J. Mailath (1998), ‘Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory’
F Other
25. Gerard Debreu (1954), ‘Valuation Equilibrium and Pareto Optimum’
26. Frank Hahn (1978), ‘On Non-Walrasian Equilibria’
27. James Bullard (1994), ‘Learning Equilibria’
28. Yves Balasko, David Cass and Karl Shell (1995), ‘Market Participation and Sunspot Equilibria’
Supplementary Reading List
Name Index
