Equilibrium and optimality: Some imprints of David Gale
AbstractThe 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 InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 66 (2009)
Issue (Month): 2 (July)
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Web page: http://www.elsevier.com/locate/inca/622836
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