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基本説明
It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the permanent income hypothesis, etc.
Full Description
This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
Contents
* Acknowledgments 1. Why Study General Equilibrium? 2. The General Equilibrium Model * Commodities * Allocations * Utility Functions * Economies 3. Economic Efficiency * Definition of Pareto Optimality * Existence of Pareto Optimal Allocations; The Bolzano-Weierstrass Theorem * The Utility Possibility Frontier * The Calculation of Pareto Optima; Homogeneous Functions * Pareto Optimality and Optimality: Minkowski's Separation Theorem * The Structure of the Utility Possibility Frontier * Compactness of the Set of Feasible Allocations * Problem Set 4. Competitive Equilibrium * The Definition of Competitive Equilibrium * Properties of Market Excess Demand and Equilibrium * Offer Curves * Equilibrium with Constant Returns to Scale * Computation of Competitive Equilibrium in Simple Examples * Aggregate Input-Output Possibility Sets * An Incomplete Theorem on the Existence of Equilibrium * A Complete Theorem on the Existence of Equilibrium * An Example of Discontinuous Behavior of Equilibria * Problem Set 5. The Welfare Theorems * The FirstWelfare Theorem * The SecondWelfare Theorem * Another Complete Theorem on the Existence of Equilibrium * Problem Set 6. The Kuhn-Tucker Approach to General Equilibrium Theory * Kuhn-Tucker Theorem * Kuhn-Tucker Coefficients * The Kuhn-Tucker Interpretation of Competitive Equilibrium * The Differentiable Case * Proof of the Kuhn-Tucker Theorem * Problem Set 7. Arrow-Debreu Equilibrium * The Arrow-Debreu Model * Arrow Equilibrium * Insurance * Incomplete Markets and the Definition of Profit Maximization * Problem Set 8. Rational Expectations Equilibrium and the Permanent Income Hypothesis * The Permanent Income Hypothesis * Rational Expectations Equilibrium * Short-Run Equilibrium * Consumer Surplus * The Stability of Short-Run Equilibrium * Problem Set 9. Samuelson's Overlapping Generations Model * Overlapping Generations with a Finite Time Horizon * Inefficiency with an Infinite Horizon * Pareto Optimal Equilibria * Stationary Discounted Optima and Equilibria * Nonuniqueness of Equilibrium * Discounted Optimality and Equilibrium * Undiscounted Optimality and Equilibrium * Uniqueness of Optimal Allocations * Existence of Optimal Allocations * Problem Set 10. The One-Sector Growth and Diamond Overlapping Generations Models * The One-Sector Diamond and Optimal Growth Models * Inefficiency * Pareto Optimal Equilibria * Stationary Discounted Optima and Equilibria * Social Security * Population Growth * Discounted Optimal and Equilibrium Allocations * Discounted Optimal and Equilibrium Programs * Program Efficiency and the Hahn Problem * Euler's Equation * Policy Functions and the Value Function * The Turnpike Theorem * Equilibrium, Optimality, and the Turnpike Theorem in the Undiscounted Case * Existence of Optimal Allocations and Programs * Problem Set 11. A Critical Assessment * References * Index
