Book Details

Institutions, Equilibria and Efficiency

: 2006

: 978-3-540-28161-0


Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms.

: Business and Economics, Economic efficiency, Economic equilibrium, Incomplete Markets, Market structure, Markov Chain