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The Determinacy of Equilibria 25 Years Later

In: Economics in a Changing World

Author

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  • Andreu Mas-Colell

    (Harvard University)

Abstract

The paper by G. Debreu, ‘Economies with a Finite Set of Equilibria’, appeared in Econometrica in 1970. As is commonly known, the paper has had since then a great impact on the style and the substance of economic theorizing. If I had been more energetic I would have verified this impact in the Index of Citations. Yet, whatever the latter says, it is bound to be a considerable underestimate of the impact. Often, the sign of the success of a paper is its being referred to only implicitly, without authors even being aware of the fact. In our case, for example, any user of the term ‘generic’ is indebted to Debreu’s paper. At any rate, the research directly inspired by the paper is enormous. By now it includes, at least, two full-length systematic books (Balasko, 1988, and Mas-Colell, 1985).

Suggested Citation

  • Andreu Mas-Colell, 1996. "The Determinacy of Equilibria 25 Years Later," International Economic Association Series, in: Beth Allen (ed.), Economics in a Changing World, chapter 8, pages 182-189, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-25168-1_8
    DOI: 10.1007/978-1-349-25168-1_8
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