Core and Equilibria of a Large Economy. (PSME-5)

Viac o knihe

The book explores the possibility of decentralizing every allocation in an economy through a carefully selected price system, demonstrating that this is feasible in economies with numerous agents where individual influence is minimal. Hildenbrand provides a precise definition of such economies, examining both those with a continuum of agents and those with an increasing number of participants. His analysis culminates in a measure-theoretic approach to economic equilibrium, offering a rigorous framework for understanding these dynamics.