General Equilibrium Theory: An Introduction, presents one of the great achievements of modern economic analysis (recognized by two Nobel Prizes). General equilibrium analysis studies an economy as a whole, recognizing many interacting markets where prices in one market can affect supply and demand in another. The book is suitable for graduate students and advanced undergraduates in economics and mathematics. It starts with elementary models, presents mathematical preparation and more sophisticated treatments. The treatment emphasizes clarity and accessibility through use of examples and intuition.
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Editorial Reviews
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"Ross Starr has performed a major service in preparing his introductory and yet fully self-contained textbook on general equilibrium theory. His graceful yet rigorous exposition will provide the student with a full coverage of the basic issues. The learning process is enhanced by the excellent and stimulating exercises." Kenneth J. Arrow, Stanford University
"This slim volume contains all that a newcomer to general equilibrium theory can be expected to learn. The exposition is simple and clear without sacrifice of rigor." Frank Hahn, University of Cambridge and University of Siena
"Ross Starr's well-organized, rigorous introduction to the theory of general equilibrium serves as a useful handbook for those specializing in mathematical economics as well as an elementary textbook for students." Hirofumi Uzawa, Research Center on Global Warming, Japan Development Bank
"This is a very fine textbook on general equilibrium theory intended for advanced undergraduate and graduate students which may also serve as a reference book for researchers." Andrzej Wieczorek, Mathematical Reviews
"This slim volume contains all that a newcomer to general equilibrium theory can be expected to learn. The exposition is simple and clear without sacrifice of rigor." Frank Hahn, University of Cambridge and University of Siena
"Ross Starr's well-organized, rigorous introduction to the theory of general equilibrium serves as a useful handbook for those specializing in mathematical economics as well as an elementary textbook for students." Hirofumi Uzawa, Research Center on Global Warming, Japan Development Bank
"This is a very fine textbook on general equilibrium theory intended for advanced undergraduate and graduate students which may also serve as a reference book for researchers." Andrzej Wieczorek, Mathematical Reviews
Book Description
General Equilibrium Theory: An Introduction, presents one of the great achievements of modern economic analysis (recognized by two Nobel prizes). General equilibrium analysis studies an economy as a whole, recognizing many interacting markets where prices in one market can affect supply and demand in another. The book is suitable for graduate students and advanced undergraduates in economics and mathematics. It starts with elementary models, presents mathematical preparation and more sophisticated treatments. The treatment emphasizes clarity and accessibility through use of examples and intution.
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Most Helpful Customer Reviews
18 of 19 people found the following review helpful:
5.0 out of 5 stars
Concise introduction to the mechanics of General Economics,
By A Customer
This review is from: General Equilibrium Theory: An Introduction (Paperback)
This textbook is a concise technical introduction to the mechanics of General Equilibrium, one of two main branches of economic theory. The text does not cover this extensive field in all its capacity. Instead, we have a step-by-step construction of the main models presented with great care for details, so that the reader can learn precision, careful modeling and all necessary details. Moreover, it's useful for people who have difficulty proving theorems. There is a special bonus that might encourage you to buy the text. The fixed-point theorems are covered in a brilliant, really excellent way. There is no way around that tool in General Equilibrium, and while having difficulty with more sophisticated texts, I found Starr's book to be very helpful in this respect.
5 of 5 people found the following review helpful:
2.0 out of 5 stars
Very sloppy; a lot of serious mistakes,
By brightSnow (USA) - See all my reviews
This review is from: General Equilibrium Theory: An Introduction (Hardcover)
I agree with the previous reviewer that this book is an effort at a step-by-step approach to General Equilibrium for the student who cannot swallow everything all at once. Nevertheless, big flaws mar the exposition in a way that makes it very annoying to the expert and confusing to the point of uselessness for the beginner.There are at least five big theorems -- and probably more -- in which key assumptions are misstated; or not stated at all; or assumptions are stated which are not needed and are never used. Signs are messed up in key parts of proofs, leading to no end of confusion. In general, the sloppiness of the exposition is breathtaking. The sophisticated student will find himself able to prove the theorems more elegantly and correctly than the author and will be annoyed by the author's errors. The beginning student will often be completely lost in the proofs or statements which are incomprehensible (because they are wrong, but the student does not know that). Chapter 17 is a particularly egregious example. This book is a stab at something that is sorely needed -- a readable, elementary, and accessible introduction to General Equilibrium. Unfortunately, Starr flubs it. A second edition of this book, with the mistakes eliminated, might be quite good. As it stands, I would not recommend it to anyone who does not want to spend hours of frustration correcting the author's sloppiness.
1 of 1 people found the following review helpful:
4.0 out of 5 stars
It does what its title suggests,
By Banchongsan Charoensook (Italy) - See all my reviews
This review is from: General Equilibrium Theory: An Introduction (Paperback)
I base this review on only two sections of this book that I have read: Brouwer fixed point theorem and Kakutani fixed point theorem. I think It does what its title suggests. It really is a good introduction to General Equilibrium theory. I am surprised how carefully each proof in this book is constructed. . In fact, the reason I picked this book was that I was looking for a book that explains the proofs of these two fixed point theorem, as I had never studied it. I think it was a right decision that I chose to learn from this book. Each proof is very much in detail. At times I find it tedious, as the previous reviewer mentioned, to the degree that it is sloppy, especially the proof of Sperner's Lemma. Students who are slow at following proofs should find this book understandable. Another great motivation to buy this book is that its mathematical appendices are easy to understand. It should make a good supplement when one has to start learning Advanced Microeconomics by Mascolell's.Remark: This book is full of typos. Do not read it without having seen the errata unless you want to be confused.
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Inside This Book
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First Sentence:
The typical student's first exposure to an economic model consists of crossing supply and demand curves on the blackboard. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
labeled simplicial subdivision, firm supply behavior, price foresight, bounded economy, contingent commodity markets, upper hemicontinuous, price adjustment function, lower hemicontinuous, unrestricted economy, convex valuedness, upper hemicontinuity, convex production technology, correspondence evaluated, lower hemicontinuity, replica economy, hemicontinuous correspondence, attainable allocations, weak convexity, excess demand correspondence, oyster supply, contingent commodities, supply correspondence, weak monotonicity, goods deliverable, competitive equilibrium allocation Key Phrases - Capitalized Phrases (CAPs): (learn more)
Robinson Crusoe, Proof Exercise, Kakutani Fixed-Point Theorem, Maximum Theorem, First Fundamental Theorem of Welfare Economics, Second Fundamental Theorem of Welfare Economics, Separating Hyperplane Theorem, Sperner's Lemma, Bounding Hyperplane Theorem, Brouwer Theorem, Adam Smith, Definition Let, Proof Let, Prove Lemma, N-fold Cartesian New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
The typical student's first exposure to an economic model consists of crossing supply and demand curves on the blackboard. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
labeled simplicial subdivision, firm supply behavior, price foresight, bounded economy, contingent commodity markets, upper hemicontinuous, price adjustment function, lower hemicontinuous, unrestricted economy, convex valuedness, upper hemicontinuity, convex production technology, correspondence evaluated, lower hemicontinuity, replica economy, hemicontinuous correspondence, attainable allocations, weak convexity, excess demand correspondence, oyster supply, contingent commodities, supply correspondence, weak monotonicity, goods deliverable, competitive equilibrium allocation Key Phrases - Capitalized Phrases (CAPs): (learn more)
Robinson Crusoe, Proof Exercise, Kakutani Fixed-Point Theorem, Maximum Theorem, First Fundamental Theorem of Welfare Economics, Second Fundamental Theorem of Welfare Economics, Separating Hyperplane Theorem, Sperner's Lemma, Bounding Hyperplane Theorem, Brouwer Theorem, Adam Smith, Definition Let, Proof Let, Prove Lemma, N-fold Cartesian New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 40
books:
See all 40 books this book cites
13
books
cite this book:
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- Mathematical psychics and other essays (Foundations of mathematical economics) by Francis Ysidro Edgeworth on page 8, and Back Matter
- Applied Combinatorial Mathematics by Edwin Beckenbach in Back Matter (1), and Back Matter (2)
- Mathematical Psychics by Edgeworth on page 8, and Back Matter
- Elements of Pure Economics by Leon Walras on page 7, and Back Matter
- Elements of Pure Economics, or The Theory of Social Wealth by Leon Walras on page 7, and Back Matter
See all 40 books this book cites
- The Flawed Foundations of General Equilibrium Theory: Critical Essays on Economic Theory (Routledge Frontiers of Political Economy) by Frank Ackerman in Back Matter (1), and Back Matter (2)
- Fixed Point Theory by Andrzej Granas in Back Matter
- Money: In Equilibrium (Cambridge Economic Handbooks) by Douglas Gale in Back Matter
- Handbook of Mathematical Economics, Volume 2 (Handbooks in Economics) by M.D. Intriligator on page 537
- The Evolving International Economy by Graciela Chichilnisky on page 49
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