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Roy Radner: A Subtle Theorist

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  • Mukul Majumdar

    (Cornell University)

Abstract

The article reviews some aspects of Roy Radner’s research in economic theory. His contributions to the theory of teams, his elegant turnpike theorem, and his path-breaking work on equilibrium under uncertainty are recalled.

Suggested Citation

  • Mukul Majumdar, 2023. "Roy Radner: A Subtle Theorist," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(3), pages 481-522, September.
    • Handle: RePEc:spr:jqecon:v:21:y:2023:i:3:d:10.1007_s40953-023-00364-9
    DOI: 10.1007/s40953-023-00364-9
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    References listed on IDEAS

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    1. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    2. Groves, Theodore & Radner, Roy, 1972. "Allocation of resources in a team," Journal of Economic Theory, Elsevier, vol. 4(3), pages 415-441, June.
    3. Majumdar, Mukul & Mitra, Tapan & McFadden, Daniel, 1976. "On efficiency and Pareto optimality of competitive programs in closed multisector models," Journal of Economic Theory, Elsevier, vol. 13(1), pages 26-46, August.
    4. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-678, May.
    5. James C. Moore, 2007. "General Equilibrium and Welfare Economics," Springer Books, Springer, number 978-3-540-32223-8, December.
    6. David Gale, 1967. "On Optimal Development in a Multi-Sector Economy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 1-18.
    7. Mitra, Tapan & Majumdar, Mukul, 1976. "A note on the role of the transversality condition in signalling capital overaccumulation," Journal of Economic Theory, Elsevier, vol. 13(1), pages 47-57, August.
    8. Tjalling C. Koopmans, 1967. "Economic Growth at a Maximal Rate," International Economic Association Series, in: E. Malinvaud & M. O. L. Bacharach (ed.), Activity Analysis in the Theory of Growth and Planning, chapter 0, pages 3-42, Palgrave Macmillan.
    9. R. Radner, 1967. "Efficiency Prices for Infinite Horizon Production Programmes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 51-66.
    10. Majumdar, Mukul, 1972. "Some general theorems on efficiency prices with an infinite-dimensional commodity space," Journal of Economic Theory, Elsevier, vol. 5(1), pages 1-13, August.
    11. W. A. Brock, 1970. "On Existence of Weakly Maximal Programmes in a Multi-Sector Economy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(2), pages 275-280.
    12. Werner, Jan, 1985. "Equilibrium in economies with incomplete financial markets," Journal of Economic Theory, Elsevier, vol. 36(1), pages 110-119, June.
    13. Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-460, May.
    14. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
    15. Jordan, James S. & Radner, Roy, 1982. "Rational expectations in microeconomic models: An overview," Journal of Economic Theory, Elsevier, vol. 26(2), pages 201-223, April.
    16. J. Marschak, 1955. "Elements for a Theory of Teams," Management Science, INFORMS, vol. 1(2), pages 127-137, January.
    17. Follmer, Hans & Majumdar, Mukul, 1978. "On the asymptotic behavior of stochastic economic processes : Two examples from intertemporal allocation under uncertainty," Journal of Mathematical Economics, Elsevier, vol. 5(3), pages 275-287, December.
    18. Majumdar, Mukul, 1970. "Some approximation theorems on efficiency prices for infinite programs," Journal of Economic Theory, Elsevier, vol. 2(4), pages 399-410, December.
    19. Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
    20. Roy Radner, 1961. "Prices and the Turnpike: III. Paths of Economic Growth that are Optimal with Regard only to Final States: A Turnpike Theorem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 28(2), pages 98-104.
    21. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-631, July.
    22. Frank Hahn, 1992. "Distinguished Fellow: Honoring Roy Radner," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 181-194, Winter.
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    More about this item

    Keywords

    B3; C6; D2; D5; D6; D7; D8; O2;
    All these keywords.

    JEL classification:

    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D2 - Microeconomics - - Production and Organizations
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D6 - Microeconomics - - Welfare Economics
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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