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Equilibrium and optimality: Some imprints of David Gale

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  • Majumdar, Mukul
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    Abstract

    The paper is a review of some of the themes to which David Gale made lasting contributions. It touches upon a number of the fundamental issues in the Walrasian equilibrium theory (existence, uniqueness and stability), the overlapping generations model (non-optimality and indeterminacy of competitive equilibria), the von Neumann equilibrium (as a turnpike), and in the theory of decentralized intertemporal allocation through competitive prices (efficiency and golden rules, duality and existence of optimal programs).

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    Bibliographic Info

    Article provided by Elsevier in its journal Games and Economic Behavior.

    Volume (Year): 66 (2009)
    Issue (Month): 2 (July)
    Pages: 607-626

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    Handle: RePEc:eee:gamebe:v:66:y:2009:i:2:p:607-626

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    Web page: http://www.elsevier.com/locate/inca/622836

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    1. McFadden, Daniel & Mitra, Tapan & Majumdar, Mukul, 1980. "Pareto optimality and competitive equilibrium in infinite horizon economies," Journal of Mathematical Economics, Elsevier, vol. 7(1), pages 1-26, March.
    2. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    3. Benhabib, Jess & Day, Richard H., 1982. "A characterization of erratic dynamics in, the overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 4(1), pages 37-55, November.
    4. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, Elsevier, vol. 6(1), pages 12-36, February.
    5. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, Econometric Society, vol. 38(3), pages 387-92, May.
    6. Saari, Donald G, 1985. "Iterative Price Mechanisms," Econometrica, Econometric Society, Econometric Society, vol. 53(5), pages 1117-31, September.
    7. Brock, William A. & Gale, David, 1969. "Optimal growth under factor augmenting progress," Journal of Economic Theory, Elsevier, Elsevier, vol. 1(3), pages 229-243, October.
    8. Mitra, Tapan & Majumdar, Mukul, 1976. "A note on the role of the transversality condition in signalling capital overaccumulation," Journal of Economic Theory, Elsevier, Elsevier, vol. 13(1), pages 47-57, August.
    9. Aumann, R. J. & Peleg, B., 1974. "A note on Gale's example," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 209-211, August.
    10. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
    11. Bhagwati, Jagdish N & Brecher, Richard A & Hatta, Tatsuo, 1983. "The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World," American Economic Review, American Economic Association, American Economic Association, vol. 73(4), pages 606-18, September.
    12. Gale, David, 1974. "Exchange equilibrium and coalitions : An example," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 63-66, March.
    13. Majumdar, Mukul, 1988. "Decentralization in infinite horizon economies: An introduction," Journal of Economic Theory, Elsevier, Elsevier, vol. 45(2), pages 217-227, August.
    14. Lionel W. McKenzie, 2012. "turnpike theory," The New Palgrave Dictionary of Economics, Palgrave Macmillan, Palgrave Macmillan.
    15. Brock, W.A., 1990. "Overlapping generations models with money and transactions costs," Handbook of Monetary Economics, Elsevier, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 7, pages 263-295 Elsevier.
    16. Bala, Venkatesh & Majumdar, Mukul, 1992. "Chaotic Tatonnement," Economic Theory, Springer, Springer, vol. 2(4), pages 437-45, October.
    17. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
    18. Gerard Debreu, 1956. "Market Equilibrium," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 10, Cowles Foundation for Research in Economics, Yale University.
    19. Mitra, Tapan, 1979. "On the Value Maximizing Property of Infinite Horizon Efficient Programs," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 635-42, October.
    20. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, Elsevier, vol. 4(2), pages 200-223, April.
    21. Hurwicz, Leonid & Majumdar, Mukul, 1988. "Optimal intertemporal allocation mechanisms and decentralization of decisions," Journal of Economic Theory, Elsevier, Elsevier, vol. 45(2), pages 228-261, August.
    22. Benveniste, Lawrence M, 1986. "Pricing Optimal Distributions to Overlapping Generations: A Corollary to Efficiency Pricing [A Complete Characterization of Efficiency in a General Capital Accumulation Model]," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 53(2), pages 301-06, April.
    23. Bhattacharya,Rabi & Majumdar,Mukul, 2007. "Random Dynamical Systems," Cambridge Books, Cambridge University Press, number 9780521825658, 9.
    24. Gale, D. & Mas-Colell, A., 1975. "An equilibrium existence theorem for a general model without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 9-15, March.
    25. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
    26. Mill, John Stuart, 1848. "Principles of Political Economy (II): Distribution," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 2, number mill1848-2.
    27. Benveniste, Lawrence M., 1976. "Two notes on the malinvaud condition for efficiency of infinite horizon programs," Journal of Economic Theory, Elsevier, Elsevier, vol. 12(2), pages 338-346, April.
    28. Bhattacharya,Rabi & Majumdar,Mukul, 2007. "Random Dynamical Systems," Cambridge Books, Cambridge University Press, number 9780521532723, 9.
    29. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, Econometric Society, vol. 53(5), pages 995-1045, September.
    30. Neuefeind, Wilhelm, 1980. "Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply," Econometrica, Econometric Society, Econometric Society, vol. 48(7), pages 1831-37, November.
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