Equilibrium Analysis: Variations on Themes by Edgeworth and Walras (Advanced Textbooks in Economics) [Hardcover]

A.P. Kirman (Author), W. Hildenbrand (Author)

Book Description

Publication Date: September 15, 1988 | ISBN-10: 0444705112 | ISBN-13: 978-0444705112

This book has its origins in a previous volume by the same authors, ``Introduction to Equilibrium Analysis''. Within the context of the exchange economy two solutions or themes proposed by Walras and Edgeworth are developed. The first consists of finding those allocations obtained through the decentralization of the choices of individuals by prices. The second, of allocations which are not objected to coalitions by individuals.

This volume should be suitable for final year undergraduate courses or for graduate students. A thorough understanding of the material treated here will be invaluable to the reader in appreciating the economic literature. In particular, he will learn to treat with caution many of the assertions found in that literature.

Editorial Reviews

Review

...a superb piece of exposition, responding to the demands of pedagogy by providing an exceptional degree of clarity and lucidity.......
The organization of the book is also a model of clarity.
Journal of Economic Literature
G. van der Laan
... very clearly written.
Journal of Economics

Product Details

• Hardcover: 310 pages
• Publisher: North Holland (September 15, 1988)
• Language: English
• ISBN-10: 0444705112
• ISBN-13: 978-0444705112
• Product Dimensions: 8.9 x 6.1 x 0.8 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,249,268 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

1 of 2 people found the following review helpful:

5.0 out of 5 stars A superb Introduction to Mathematical Economics!, February 6, 2004

By 

Michael Greinecker (Vienna, Austria) - See all my reviews
(REAL NAME)   

This review is from: Equilibrium Analysis: Variations on Themes by Edgeworth and Walras (Advanced Textbooks in Economics) (Hardcover)

On little less than 300 pages, Hildenbrand and Kirman give an exceptionally deep introduction to equilibrium analysis. The main topics are Walrasian equilibria (optimal choices relative to a price induced budget set), the core (a generalization of the familiar contract curve), and the relationship between the two. Everything is done in an exchange framework (i.e. no production), which makes it easier to focus on the concepts involved.

Kirman and Hildenbrand prove the existence of Walrasian equilibria, give conditions for the core to be non-empty, show how the core of finite economies converges to the Walrasian equilibria and demonstrate the equivalency between Walrasian equilibria and the core in economies with an continuum of traders. In the last chapter they look at the structure of excess demand functions, conditions for uniqueness and stability in respect to tātonnement dynamics (no trade until equilibrium is reached). Four appendices give essentially all the mathemtical background needed, except for a little calculus and linear algebra needed in the last chapter. A motivating overview of the content is given in an informal introduction.

All results are well discussed and put in the proper context. The authors don't shy away from showing the limitations of the models. They also point out how one can weaken certain assumptions involved.